The current account deficit in the UK ballooned to GBP 51.7 billion or 18.3% of the GDP in the first quarter of 2022 from GBP 7.3 billion in the prior period and compared to market forecasts of GBP 39.8 billion. It was the largest current account shortfall since comparable data began in 1955, as the total trade gap broadened to GBP 33.4 billion, from GBP 6.2 billion in the prior period, in part due to the soaring cost of fuel imports. Additionally, the total primary income account returned to a deficit position of GBP 12.4 billion, or 2.0% of GDP, after recording a surplus of GBP 4.7 billion, as income from British assets abroad was more than offset by investment-related flows. The total secondary income surplus was little changed at GBP 5.8 billion. The Office for National Statistics issued a warning over the figures, saying there was an impact of changes in post-Brexit data collection on trade in goods imports and foreign direct investment, which it is investigating. source: Office for National Statistics

Current Account in the United Kingdom averaged -5148.41 GBP Million from 1946 until 2022, reaching an all time high of 2817 GBP Million in the fourth quarter of 2019 and a record low of -51700 GBP Million in the first quarter of 2022. 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 2022.

Current Account in the United Kingdom is expected to be -45400.00 GBP Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Current Account is projected to trend around -25500.00 GBP Million in 2023 and -24400.00 GBP Million in 2024, according to our econometric models.

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United Kingdom Current Account



Calendar GMT Actual Previous Consensus TEForecast
2022-03-31 06:00 AM Q4 £-7.3B £-28.9B £-17.6B £-15.2B
2022-06-30 06:00 AM Q1 £-51.7B £-7.3B £-39.8B £-15.6B
2022-09-30 06:00 AM Q2 £-51.7B £-43.8B £-50.3B


Related Last Previous Unit Reference
Balance of Trade -7793.00 -11387.00 GBP Million Jul 2022
Current Account -51700.00 -7300.00 GBP Million Mar 2022
Current Account to GDP -2.60 -2.50 percent of GDP Dec 2021
Imports 68844.00 69995.00 GBP Million Jul 2022
Exports 61051.00 58608.00 GBP Million Jul 2022
External Debt 7317114.00 7344995.00 GBP Million Mar 2022
Foreign Direct Investment -2198.00 -10541.00 GBP Million Mar 2022
Capital Flows 29124.00 12283.00 GBP Million Mar 2022
Goods Trade Balance -19362.00 -22847.00 GBP Million Jul 2022
Tourist Arrivals 2730.00 2150.00 Thousand Jun 2022
Tourism Revenues 2110.00 1660.00 GBP Million May 2022
Terms of Trade 101.80 101.50 points Apr 2018

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).
Actual Previous Highest Lowest Dates Unit Frequency
-51700.00 -7300.00 2817.00 -51700.00 1946 - 2022 GBP Million Quarterly
SA

News Stream
UK Posts Widest Current Account Gap on Record
The current account deficit in the UK ballooned to GBP 51.7 billion or 18.3% of the GDP in the first quarter of 2022 from GBP 7.3 billion in the prior period and compared to market forecasts of GBP 39.8 billion. It was the largest current account shortfall since comparable data began in 1955, as the total trade gap broadened to GBP 33.4 billion, from GBP 6.2 billion in the prior period, in part due to the soaring cost of fuel imports. Additionally, the total primary income account returned to a deficit position of GBP 12.4 billion, or 2.0% of GDP, after recording a surplus of GBP 4.7 billion, as income from British assets abroad was more than offset by investment-related flows. The total secondary income surplus was little changed at GBP 5.8 billion. The Office for National Statistics issued a warning over the figures, saying there was an impact of changes in post-Brexit data collection on trade in goods imports and foreign direct investment, which it is investigating.
2022-06-30
UK Current Account Gap Narrows Sharply
The current account deficit in the UK narrowed sharply to GBP 7.3 billion or 1.2% of the GDP in the fourth quarter of 2021 from an upwardly revised GBP 28.9 billion gap in the previous period and compared to market forecasts of GBP 17.6 billion. The total trade gap narrowed to GBP 10.3 billion, from GBP 13.7 billion, as service exports grew at a stronger pace than imports, namely in exports of transport, intellectual property, and business services. The primary income account switched to a surplus of GBP 4.7 billion, from a GBP 7.0 billion shortfall in Q3, as UK investments abroad saw higher returns than what investments in the UK provided to foreigners. The secondary income deficit widened to GBP 5.8 billion from GBP 5.4 billion amid ongoing payments to the EU under the withdrawal agreement.
2022-03-31
UK Current Account Shortfall Widens More than Expected
The current account deficit in the UK widened sharply to GBP 24.4 billion or 4.2% of the GDP in the third quarter of 2021 from an upwardly revised GBP 13.5 billion in the previous period and compared to market forecasts of GBP 15.6 billion. The total trade gap widened to GBP 10.9 billion, from GBP 3.0 billion, as imports increased and exports fell, amid an evolving international trade environment due to Brexit and the pandemic. The primary income shortfall widened to GBP 7.1 billion from GBP 5.6 billion, as higher outflows from earnings of domestic businesses more than offset an increase in inflows of returns from foreign investments. The secondary income deficit widened to GBP 6.4 billion from GBP 4.8 billion, as the first full quarter of payments to the EU under the withdrawal agreement.
2021-12-22