UK Current Account deficit widen to £23.2 billion

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Friday, Sep 29 2017

UK Current Account deficit widen to £23.2 billion

The UK’s current account deficit was £23.2 billion (4.6% of gross domestic product) in Quarter 2 (Apr to June) 2017, a widening of £0.9 billion from a revised deficit of £22.3 billion (4.4% of gross domestic product) in Quarter 1 (Jan to Mar) 2017. The widening in the current account deficit was driven by a widening to the deficit on primary and secondary incomes, which widened £1.4 billion and £1.9 billion respectively; these were mostly offset by a narrowing of the deficit on trade in goods which narrowed £2.3 billion in Quarter 2 2017.

The primary income deficit widened to £10.2 billion in Quarter 2 2017 due to foreign earnings on direct investment and portfolio investment in the UK increasing more than UK earnings on direct investment and portfolio investment abroad between Quarter 1 2017 and Quarter 2 2017. The total trade deficit narrowed to £6.5 billion in Quarter 2 2017, primarily due to increased exports of trade in goods of which; exports of chemicals increased by £1.1 billion and exports of oil increased by £0.8 billion. The international investment position shows UK net liabilities of £101.2 billion at the end of Quarter 2 2017.

More in this category: « The Bank of England's chief economist says we're close to solving 2 of the economy's biggest issues UK GDP grew by 0.3% in Q2 »

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