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.


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United Kingdom Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-15860.00 -24152.00 2668.00 -37392.00 1946 - 2019 GBP Million Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-03-29 09:30 AM Q4 £-23.7B £-23B £-23B £-21.7B
2019-06-28 08:30 AM Q1 £-30B £-23.7B £-32B £-20.4B
2019-09-30 08:30 AM Q2 £-25.2B £-33.1B £-19.5B £-20.5B
2019-12-20 09:30 AM Q3 £-15.86B £-24.152B £-16B £-18.7B
2020-03-31 08:30 AM Q4 £-15.86B £-24.6B
2020-06-30 08:30 AM Q1 £-19.2B
2020-09-30 08:30 AM Q2 £-21.2B
2020-12-22 09:30 AM Q3 £-16.7B


News Stream
UK Current Account Gap Lowest in 7 Years
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.
2019-12-20
UK Current Account Deficit Narrows in Q2
The current account gap in the United Kingdom narrowed by GBP 7.9 billion to GBP 25.2 billion in the second quarter of 2019 from GBP 33.1 billion in the previous period and compared with market expectations of a GBP 19.5 billion shortfall. The trade deficit fell to GBP 11.4 billion from GBP 22.7 billion in the first quarter, as the goods gap declined to GBP 34.1 billion from GBP 48.1 billion and the services deficit went down to GBP 22.7 billion from GBP 25.3 billion. Also, the secondary income shortfall narrowed to GBP 6.7 billion from GBP 6.9 billion while the primary income deficit widened by GBP 3.7 billion to GBP 7.1 billion.
2019-09-30
UK Current Account Gap Largest in 2-1/2-Years
The current account gap in the United Kingdom widened by GBP 6.3 billion to GBP 30 billion in the first quarter of 2019 from GBP 23.7 billion in the previous quarter and compared with market expectations of a GBP 32 billion shortfall. It was the largest current account gap since the third quarter of 2016, as the trade deficit increased to a record GBP 20.3 billion from GBP 9.4 billion in the last quarter of 2018. The goods gap rose to GBP 47.0 billion from GBP 36.9 billion and the services surplus narrowed to GBP 26.8 billion from GBP 27.5 billion. Also, the secondary income gap went up to GBP 6.6 billion from GBP 5.9 billion in the prior period. On the other hand, the primary income shortfall went down to GBP 3.2 billion from GBP 8.4 billion.
2019-06-28
United Kingdom Current Account Gap Largest in Over 2 Years
The current account gap in the United Kingdom widened by GBP 0.7 billion to GBP 23.7 billion in the last quarter of 2018 from a downwardly revised GBP 23 billion in the previous quarter and compared with market expectations of a GBP 23 billion gap. It was the largest current account gap since the third quarter of 2016, as the trade deficit widened to GBP 9.4 billion from GBP 8.9 billion in Q3, mainly due to the goods gap. The goods deficit went up to GBP 36.9 billion from GBP 34.8 billion while the services surplus advanced to GBP 27.5 billion from GBP 26 billion. Additionally, the primary income shortfall rose by GBP 1.1 billion to GBP 8.4 billion, recording the largest deficit since the last quarter of 2016 (GBP 9.9 billion). Meanwhile, the secondary income gap declined to GBP 5.9 billion from GBP 6.8 billion in the third quarter of 2018. Considering full 2018, the current account recorded a GBP 81.6 billion gap compared to a GBP 68.4 billion deficit in 2017.
2019-03-29

United Kingdom Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).