The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit widened to $113.5 billion in the fourth quarter from $98.9 billion in the third quarter, missing expectations for a deficit of $103.0 billion. It was the largest decline since the second quarter of 2012.

The third's quarter figure was revised up from a deficit of $100.3 billion.

The increase was driven by the slowdown in economic growth in the fourth quarter.

Goods exports fell 1.2% to $410.1 billion as exports of U.S. petroleum and automobiles dropped.

Imports of goods decreased 0.1% to $595.3 billion due to lower petroleum imports.

In 2014 as a whole, the current account deficit climbed 2.6% to $410.6 billion. It was the largest annual deficit since 2012.