Deficit smashes record—again
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Manufacturing News, Source : TheManufacturer.com
Published : 16 Mar 2005 17:44
The US international trade deficit in 2004 climbed to $665.9 billion, the highest figure ever, according to figures released today by the US Bureau of Economic Analysis.
2004’s deficit was 25.5 percent higher than 2003’s $530.7 billion deficit, which was the previous record. The deficit for 2004 was also a record in terms of being a percentage of the total economy, at 5.7 percent of the gross domestic product, a rise from 2003’s 4.8 percent.
The fourth-quarter deficit for 2004 was also up at $187.9 billion, up 13.3 percent from the third quarter.
Many economists feel that the cost of servicing a growing deficit could eventually depress the US economy. The Bush administration has attempted to explain the skyrocketing deficits by claiming that the US economy is improving faster than the rest of the world’s, allowing US consumers to buy more imports while demand for US goods in the rest of the world has dropped.
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