UK Current Account deficit unchanged in Q3

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Wednesday, Dec 23 2015

The United Kingdom’s (UK) current account deficit was £17.5 billion in Quarter 3 (July to September) 2015, unchanged from a revised deficit of £17.5 billion in Quarter 2 (April to June) 2015. Deficit was expected to increase by £21.6 billion.The deficit in Quarter 3 (July to September) 2015 equated to 3.7% of gross domestic product (GDP) at current market prices, down from 3.8% in Quarter 2 (April to June) 2015. While the total current account balance remained unchanged in Quarter 3 (July to September) 2015 there are equal and offsetting movements in the components.

UK GDP in volume terms was estimated to have increased by 0.4% between Quarter 2 (Apr to June) 2015 and Quarter 3 (July to Sept) 2015, revised down 0.1 percentage points from the second estimate of GDP published 27 November 2015. Analysts were predicting no change. Between 2013 and 2014, GDP in volume terms increased by 2.9%, unrevised from the previous estimate and remains in line with the pre-downturn (1997 to 2007) annual average of 3.0%. Between Quarter 3 2014 and Quarter 3 2015, GDP in volume terms increased by 2.1%, revised down 0.2 percentage points from the previously published estimate.

Sterling is currently being traded around 1.4830 handle. Pair is likely to find support around 1.48 handle and resistance above 1.4880 level. Later today, in the US session, Durable Goods Orders and New Home Sales figures are scheduled for a release.

More in this category: « Aussie supported by rise in iron ore prices French Consumer Spending unexpectedly fell in November »

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