UK Current Account deficit rose to £16.9 billion

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Friday, Jun 30 2017

UK Current Account deficit rose to £16.9 billion

The UK’s current account deficit was £16.9 billion in Quarter 1 (Jan to Mar) 2017, a widening of £4.8 billion from a deficit of £12.1 billion in Quarter 4 (Oct to Dec) 2016, due predominantly to a widening in the deficit on trade; the current account deficit in Quarter 1 2017 equated to 3.4% of gross domestic product (GDP) at current market prices, up from 2.4% in Quarter 4 2016. The total trade deficit widened to £8.8 billion in Quarter 1 2017 following a sharp narrowing of the deficit in Quarter 4 2016 (£4.8 billion); this was due to a widening in the deficit on trade in goods and a narrowing in the surplus on trade in services.

Separate report showed that gross domestic product (GDP) and its components are little changed from the previous estimates published on 25 May 2017. UK GDP in volume terms was estimated to have increased by 0.2% between Quarter 4 (Oct to Dec) 2016 and Quarter 1 (Jan to Mar) 2017, unrevised from the previous estimate published on 25 May 2017; growth was driven by output from the business services and finance, and construction industries, partially offset by declines in some consumer-focused industries. UK GDP growth in volume terms increased by 2.0% between Quarter 1 2016 and Quarter 1 2017, unrevised from the previous estimate.

More in this category: « China’s Official Manufacturing PMI Strengthens Unexpectedly in June Eurozone CPI increased by 1.3% »

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