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 July 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.