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. source: Office for National Statistics
Current Account in the United Kingdom averaged -4953.75 GBP Million from 1946 until 2021, reaching an all time high of 2817 GBP Million in the fourth quarter of 2019 and a record low of -32541 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 June of 2022.
Current Account in the United Kingdom is expected to be -15200.00 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.