Global current account imbalances: narrower since crisis; surpluses have shifted but deficits largely remain in the US. Note: Fig. 5 shows 4-quarter moving average of quarterly gross current account balance as percentage of yearly world GDP at market prices and current exchange rates. In principle gross surpluses and deficits should equal each other; the imbalance reflects exclusion of smaller economies, reporting errors and omissions. Source: Bruegel based on IMF (International Financial Statistics and WEO).