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 September of 2020. source: Office for National Statistics

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.

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United Kingdom Current Account

Actual Previous Highest Lowest Dates Unit Frequency
-21146.00 -9220.00 2668.00 -35787.00 1946 - 2020 GBP Million Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 06:00 AM Q4 £-5.6B £-19.9B £-7B £-10B
2020-06-30 06:00 AM Q1 £-21.1B £-9.2B £-15.4B £-14.2B
2020-09-30 06:00 AM Q2 £-21.1B £-16.2B
2020-12-22 07:00 AM Q3 £-11.7B


News Stream
UK Current Account Gap Widens More than Expected
The current account deficit 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 gap. 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.
2020-06-30
UK Current Account Deficit Lowest since 2011
The current account deficit in the UK narrowed to GBP 5.56 billion in the last three months of 2019 from an upwardly revised GBP 19.92 billion in the previous period and below market forecasts of a GBP 7 billion gap. It is the lowest current account shortfall since the second quarter of 2011, mostly because of exports of non-monetary gold and other precious metals and a decrease in the UK's payments to foreign investors. Considering full 209, the country’s current account deficit widened to GBP 83.76 billion (-3.8 percent of the GDP) from GBP 82.87 billion in 2018 (-3.9 percent of the GDP).
2020-03-31
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

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).