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 July 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.