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- The UK’s current account deficit widened by £6.6 billion to £26.5 billion in Quarter 3
The UK’s current account deficit widened by £6.6 billion to £26.5 billion in Quarter 3
The UK’s current account deficit widened by £6.6 billion to £26.5 billion in Quarter 3 (July to Sept) 2018, or 4.9% of gross domestic product (GDP) – the largest deficit recorded since Quarter 3 2016 in both value and percentage of GDP terms.
All of the main components contributed to the worsening current account balance, with worsening primary income, trade and secondary income balances.
The primary income balance deficit worsened by £3.6 billion to £11.1 billion in Quarter 3 2018, driven by an increase in the profits generated by overseas investors on their UK foreign direct investment (FDI).
Partially offsetting the decline in the primary income balance was a continued increase in the UK’s income from overseas currency deposits – attributable to rising overseas interest rates.
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