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UK Current Account deficit narrowing to £22.8 billion

Friday, Dec 22 2017
UK Current Account deficit narrowing to £22.8 billion

The UK’s current account deficit was £22.8 billion (4.5% of gross domestic product) in Quarter 3 (July to Sept) 2017, a narrowing of £3.0 billion from a revised deficit of £25.8 billion (5.1% of gross domestic product) in Quarter 2 (Apr to June) 2017. The narrowing in the current account deficit was driven by a narrowing of the deficits on primary income by £1.8 billion, secondary income by £1.0 billion and total trade by £0.3 billion in Quarter 3 2017.

The primary income deficit narrowed to £11.4 billion in Quarter 3 2017, mostly due to UK earnings on investment abroad, which increased by £3.6 billion, partially offset by payments increasing by £1.8 billion. The international investment position shows UK net liabilities of £207.6 billion at the end of Quarter 3 2017.

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