The current U.S. account deficit, the broadest measure of U.S. trade, shrank in the final three months of 2016, however, the gap for the full year increased to the highest level in eight years, the Commerce Department reported today.

The deficit in the current account narrowed to $112.4 billion in the fourth quarter, a drop of 3.1% from the $116 billion deficit in the third quarter.

The improvement indicated stronger earnings by U.S. investors on foreign holdings, which counteract a rise in the deficit on goods and services.

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The current account deficit for all of 2016 rose 3.9% to $481.2 billion, the highest annual figure since 2008.