The current account gap in the United Kingdom narrowed sharply to GBP 2.8 billion in the second quarter of 2020, or 0.6 percent of GDP, the smallest since the second quarter 2011 and compared to market forecasts of a GBP 0.4 billion gap, mostly because of erratic movements in the trading of precious metals, especially non-monetary gold. UK residents exported non-monetary gold to non-residents as the price rose to record levels, widening the total trade to a record GBP 16.9 billion surplus from GBP 0.5 billion in the previous period. In addition, there was a narrowing in the deficit on primary income to GBP 10.5 billion from GBP 14.9 billion, which was mostly because of payments to foreign investors on their investments in the UK fell more sharply than UK earnings on investment abroad. Partially offsetting these was a widening in the deficit on secondary income to GBP 9.1 billion from GBP 6.4 billion, mostly because of an increase in UK payments to the rest of the world. source: Office for National Statistics
Current Account in the United Kingdom averaged -4872.76 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 -36106 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 November of 2020.
Current Account in the United Kingdom is expected to be -11700.00 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 -18900.00 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.