The current account gap in the UK rose to GBP 26.3 billion in the fourth quarter of 2020 from a downwardly revised GBP 14.3 billion in Q3 and less than market forecasts of a GBP 33 billion shortfall. It was the widest current account gap since Q1 2019 and equivalent to 4.8% of the GDP. The total trade deficit widened (GBP -13.2 billion vs GBP -3.9 billion) as demand for goods imports continued to recover at a faster rate than exports following their sharp contraction in Q2 2020 when global trade stalled under strict restrictions to curb the global pandemic; trade in services exports and imports continue to be impacted, specifically in transport and travel services. Meanwhile, the primary income deficit narrowed slightly (GBP 5.0 billion vs GBP 5.3 billion) mainly because of a slightly larger recovery in UK earnings on foreign investments than the recovery in payments to foreign investors on their UK investments. Still, the secondary income gap rose (GBP -8.1 billion vs GBP -5 billion). source: Office for National Statistics
Current Account in the United Kingdom averaged -4923.82 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 May of 2021.
Current Account in the United Kingdom is expected to be -26000.00 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 -27400.00 in 12 months time. In the long-term, the United Kingdom Current Account is projected to trend around -22600.00 GBP Million in 2022 and -17600.00 GBP Million in 2023, according to our econometric models.