The current account deficit in the UK narrowed to GBP 15.86 billion or 2.8% of GDP in Q3 2019 from GBP 19.6 billion a year earlier and slightly below market expectations of a GBP 16 billion gap. It is the lowest current account deficit since Q3 2012 as goods and services shortfall fell sharply to GBP 0.41 billion (GBP 6.25 billion a year earlier) reaching the lowest since Q1 1998. There was a sizable increase in exports of professional, management and financial services; machinery and transport equipment to the countries outside EU and chemicals to the EU. The secondary income shortfall went down to GBP 6.8 billion from GBP 7.2 billion. In contrast, the primary income gap widened to GBP 8.7 billion from GBP 6.2 billion, partly because of an increase of GBP 1.8 billion in payments to foreign investors on their earnings on direct investment in the UK. This was the first quarter-on-quarter increase since Q3 2018.
Current Account in the United Kingdom averaged -4689.31 GBP Million from 1946 until 2019, reaching an all time high of 2668 GBP Million in the first quarter of 1981 and a record low of -37392 GBP Million in the first quarter of 2019. This page provides the latest reported value for - United Kingdom Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Office for National Statistics
Current Account in the United Kingdom is expected to be -19200.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in the United Kingdom to stand at -22800.00 in 12 months time. In the long-term, the United Kingdom Current Account is projected to trend around -20800.00 GBP Million in 2021, according to our econometric models.