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UK Current Account deficit rose to £27.0 billion

Tuesday, Dec 23 2014

The United Kingdom’s current account deficit was £27.0 billion in Quarter 3 2014, up from a revised deficit of £24.3 billion in Quarter 2 2014. Analysts were expecting decrease to £21 billion deficit. The deficit in Quarter 3 2014 equated to 6.0% of GDP at current market prices, up from 5.5% in Quarter 2 2014.

The widening of the current account deficit was mainly due to a widening in the deficit on the primary income account from £8.2 billion in Quarter 2 2014 to £12.6 billion in Quarter 3 2014. This reflects receipts from foreign direct investment falling and payments to foreign direct investors rising. This was slightly offset by a narrowing in the deficit on the secondary income account.

 

Separate report on BBA Mortgage Approvals also missed market forecasts on a figure of 37,300 and showed that number of mortgage approvals was 36,700 in November. As for Final GDP data UK gross domestic product in volume terms was estimated to have increased by 0.7% between Q2 2014 and Q3 2014, unrevised from the previous estimate of GDP published 26 November 2014.

 

After the data Sterling declined and is currently being traded around 1.5670 level. Later today, in the US session, Durable Goods Orders, Final GDP, Revised Consumer Confidence and New Home Sales figures are scheduled for a release.

More in this category: « French Consumer Spending up by 0.4% US Final GDP data showed 5% growth in Q3 »

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