WASHINGTON, June 17 (Reuters) - The U.S. current account deficit shrank in the first quarter to $101.5 billion, the smallest deficit since the fourth quarter of 2001, a Commerce Department report showed on Wednesday.
The deficit declined from an upwardly revised $154.9 billion in the fourth quarter and compared with analysts' forecasts for a first quarter gap of $85.0 billion.
The first quarter deficit equaled 2.9 percent of gross domestic product, a sharp drop from 4.4 percent in the fourth quarter, and the lowest since 2.8 percent in the first quarter of 1999, a Commerce department official said (Reporting by Alister Bull; editing by Neil Stempleman)