The current account deficit in the UK narrowed to GBP 12.8 billion or 2.3% of the GDP in the first quarter of 2021 from GBP 26.3 billion in the previous period and compared to market forecasts of GBP 13.3 billion. The trade in goods deficit narrowed as both imports and exports fell significantly since the end of the EU-exit transition period. Import demand fell more sharply than exports after businesses stockpiled up to December 2020 in preparation for the UK leaving the single market and Customs Union while the UK remained in another national coronavirus lockdown. Both primary income credits and debits have improved, leading to the deficit widening as earnings increased more for non-residents on their UK investments than UK residents’ investments abroad. The secondary income deficit narrowed, reflecting the ending of the UK’s regular (VAT) and gross national income-based payments to and receipts from the EU as the UK reached the end of the withdrawal transition period. source: Office for National Statistics

Current Account in the United Kingdom averaged -4952.67 GBP Million from 1946 until 2021, 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 August of 2021.

Current Account in the United Kingdom is expected to be -18000.00 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 -22600.00 GBP Million in 2022 and -17600.00 GBP Million in 2023, according to our econometric models.

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United Kingdom Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-12828.00 -26286.00 2668.00 -34541.00 1946 - 2021 GBP Million Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-30 06:00 AM Q2 £-2.8B £-20.8B £-0.4B £-0.6B
2020-12-22 07:00 AM Q3 £-15.7B £-11.9B £-11.6B £-10.7B
2021-03-31 06:00 AM Q4 £-26.3B £-14.3B £-33B £-32B
2021-06-30 06:00 AM Q1 £-12.8B £-26.3B £-13.25B £-16B
2021-09-30 06:00 AM Q2 £-12.8B £-18B
2021-12-22 07:00 AM Q3 £-20B


News Stream
UK Current Account Gap Narrows in Q1
The current account deficit in the UK narrowed to GBP 12.8 billion or 2.3% of the GDP in the first quarter of 2021 from GBP 26.3 billion in the previous period and compared to market forecasts of GBP 13.3 billion. The trade in goods deficit narrowed as both imports and exports fell significantly since the end of the EU-exit transition period. Import demand fell more sharply than exports after businesses stockpiled up to December 2020 in preparation for the UK leaving the single market and Customs Union while the UK remained in another national coronavirus lockdown. Both primary income credits and debits have improved, leading to the deficit widening as earnings increased more for non-residents on their UK investments than UK residents’ investments abroad. The secondary income deficit narrowed, reflecting the ending of the UK’s regular (VAT) and gross national income-based payments to and receipts from the EU as the UK reached the end of the withdrawal transition period.
2021-06-30
UK Current Account Gap Largest in Nearly 2 Years
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).
2021-03-31
UK Current Account Gap Wider than Expected
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).
2020-12-22
UK Current Account Gap Smallest Since 2011
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.
2020-09-30

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).