The current account

Updated May, 2017
Q4 2016

The UK’s current account deficit in the 4th Quarter of 2016 (October – December) was £12.1 billion, which equated to 2.4% of GDP, down from 5.3% in the previous quarter. The reduction in the deficit was largely due to a narrowing in the trade deficit, which fell to £4.8 billion. The narrowing trade defcit was, itself, laregly the result of an increase in exports (of £7.6 billion).

Balance with EU and non-EU countries

The UK's defict with the EU stood at £19.5 billion compared with a surplus of £7.4 billion with non-EU countries.

Previous figures.

Q3 2016

The UK’s current account deficit in the 3rd Quarter of 2016 (July – September) was £25.5 billion, which equated to 5.2% of GDP, up from 4.6% in Q2. The increase in the deficit was largely due to a weakening trade account, specifically an increase in the goods deficit. This was partly offset by an increasing surplus on the services. The financial account saw a net inflow on £22.6 billion.

Q3 2015

The UK's current account deficit was £17.5 billion in the third quarter of 2015. The deficit was equal to 3.7% of GDP, which was slightly down from the previous quarter.

Q4 2014

The latest statistics released by the ONS reveal that the UK's deficit on the current account balance, in percentage terms, increased in the fourth quarter of 2014 to 6.2%, the highest on record.

The figures show that the trade in goods deficit, caused largely by a deficit on manufactured goods, was partly offset by improvements in the balance on oil and semi-manufactured goods. There was also a deficit on transfers (secondary income). The financial account, which partly offsets the current account, recorded a net inflow of £62.6 billion compared with a net inflow of £49.1 billion in 2012. 

Balance of trade - recent figures

See more on the current account