UK Current Account deficit narrowed to £17.7 billion

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Friday, Jun 29 2018

UK Current Account deficit narrowed to £17.7 billion

The UK’s current account deficit was £17.7 billion (3.4% of gross domestic product (GDP)) in Quarter 1 (Jan to Mar) 2018, a narrowing of £1.8 billion from a revised deficit of £19.5 billion (3.8% of GDP) in Quarter 4 (Oct to Dec) 2017. The UK’s current account deficit narrowed primarily due to a narrowing of both the trade deficit and the primary income deficit, partially offset by a widening of the secondary income deficit in Quarter 1 (Jan to Mar) 2018.

The total trade deficit narrowed to £3.8 billion in Quarter 1 2018, from £5.7 billion in Quarter 4 2017. The primary income deficit narrowed by £1.5 billion in Quarter 1 2018 to £8.1 billion from a revised deficit of £9.6 billion in Quarter 4 2017. The international investment position showed UK net liabilities of £262.3 billion at the end of Quarter 1 2018; a widening from net liabilities of £164.5 billion at the end of Quarter 4 2017, as a result of UK residents moving pout of foreign equities and revaluations.

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