The Department of Commerce reported on Thursday that current account (C/A) gap in the U.S. narrowed to $124.1 billion in the third quarter of 2019 from a downwardly revised $125.2 billion gap in the previous quarter (originally -$128.2 billion). The deficit was 2.3 percent of current-dollar GDP in the third quarter, down less than 0.1 percent from the second quarter.

Economists had forecast a deficit of $ 122.1 billion.

According to the report, the $1.1 billion, or 0.9 percent, decrease in the C/A deficit mostly reflected a reduced deficit on goods and an expanded surplus on primary income.

Goods exports fell by $0.9 billion, to $413.8 billion, and imports of goods decreased by $4.5 billion, to $633.4 billion. The declines in both exports and imports primarily reflected decreases in industrial supplies and materials, mainly petroleum and products.

Receipts of primary income decreased by $4.1 billion, to $282.0 billion, and payments of primary income fell by $6.2 billion, to $213.3 billion. The decreases in both receipts and payments mainly reflected declines in direct investment income and in other investment income.