The current account gap in the UK widened to GBP 15.7 billion in the third quarter of 2020 from an upwardly revised GBP 11.9 billion gap in the previous period and compared to market forecasts of a GBP 11.6 billion shortfall. It is equivalent to 2.9% of the GDP. The trade surplus fell sharply (GBP 1.3 billion vs GBP 16.6 billion) as imports of goods partially recovered following their sharp contraction in Quarter 2 when global trade stalled because of the coronavirus pandemic; trade in services continues to be impacted by the downturn, specifically in transport and travel services. Meanwhile, the primary income gap narrowed (GBP -11.9 billion vs GBP -19.5 billion) because of a larger recovery in UK earnings on foreign investments than the recovery in payments to foreign investors on their UK investments. Also, the secondary income gap declined (GBP -5.2 billion vs GBP -12 billion). source: Office for National Statistics
Current Account in the United Kingdom averaged -4840.36 GBP Million from 1946 until 2020, reaching an all time high of 2668 GBP Million in the first quarter of 1981 and a record low of -34541 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. United Kingdom Current Account - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Current Account in the United Kingdom is expected to be -12800.00 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 -16200.00 in 12 months time. In the long-term, the United Kingdom Current Account is projected to trend around -14400.00 GBP Million in 2021 and -17600.00 GBP Million in 2022, according to our econometric models.