The current account gap in the United Kingdom widened sharply to GBP 21.1 billion in the first quarter of 2020 from an upwardly revised GBP 9.2 billion in the previous period and worse than market forecasts of a GBP 14.5 billion deficit. It is equivalent to 3.8 percent of the GDP. Exports fell to GBP 159.5 billion, the lowest levels since the first quarter of 2018 and imports to GBP 160.7 billion, the lowest since the fourth quarter of 2016 as the global coronavirus pandemic took hold and countries introduced lockdowns; this significantly impacted trade in finished manufactured goods and the provision of travel services. Also, the primary income deficit widened by GBP 2.4 billion to GBP 13.6 billion, because of a larger fall in UK earnings on foreign investments than the fall in payments to foreign investors on their UK investments as other countries entered lockdowns earlier and businesses aimed to maintain cash buffers by reducing or cancelling dividend payments.
Current Account in the United Kingdom averaged -4775.21 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 -35787 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 August of 2020. source: Office for National Statistics
Current Account in the United Kingdom is expected to be -16200.00 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 -18700.00 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.