UK Current Account

Data Trade

Source: ONS
Source Link: https://www.ons.gov.uk/
Frequency: Quarterly
Next Release(s): June 30th, 2026 2:00 AM

Latest Updates

UK Current Account: Q4 2025 2026-03-31 02:00
The underlying UK current account deficit, excluding precious metals, narrowed to £10.5 billion, or 1.4% of gross domestic product (GDP), in Quarter 3 (July to Sept) 2025; this is a change of £5.0 billion compared with the deficit of £15.5 billion (revised from £23.8 billion) in the previous quarter.
- The UK current account deficit, including trade in precious metals, narrowed by £9.1 billion to £12.1 billion, or 1.6% of GDP, in Quarter 3 2025.
- The total trade deficit, excluding precious metals, widened to £4.6 billion, or 0.6% of GDP, in Quarter 3 2025, compared with £3.1 billion (revised from £2.8 billion) in the previous quarter; the goods deficit widened to £57.4 billion, and the services surplus increased to £52.8 billion.
- The primary income account deficit narrowed to £1.9 billion, or 0.2% of GDP, in Quarter 3 2025.
- There was a net financial inflow of £17.2 billion in Quarter 3 2025.
- The preliminary estimate of the UK's net international investment liability position on 30 September 2025 widened to £261.4 billion, from £243.4 billion (revised from £341.8 billion), as of 30 June 2025.
- Data for all quarters back to Quarter 1 (Jan to Mar) 2024 have been open to revisions, with revisions to "current account, excluding precious metals" data ranging from negative 1.0% to positive 1.2% of GDP; revisions largely resulted from corrections to precious metals and mineral fuels and oil in trade in goods data, as previously announced, and updated trade in services and foreign direct investment data.
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The UK current account deficit (ex-precious metals) widened by £7.3 billion QoQ to £23.8 billion (3.2% of GDP) in Q2 2025, reflecting a larger primary income shortfall amid mixed trade components.
- Total trade deficit (ex-precious metals) edged wider to £2.8 billion (0.4% of GDP) in Q2 from £2.5 billion in Q1; goods deficit increased while the services surplus expanded, leaving the overall gap little changed.
- Goods balance: deficit widened by £5.8 billion to £56.6 billion as goods exports fell £6.5 billion to £93.6 billion (notably semi- and finished manufactures, and oil), partially offset by a £0.7 billion drop in imports.
- Services balance: surplus rose £5.5 billion to £53.8 billion, with exports up £3.3 billion (travel +£1.0 billion; IP +£1.0 billion; other business +£0.9 billion; financial +£0.5 billion) and imports down £2.2 billion (other business −£1.2 billion; travel −£0.6 billion; construction −£0.5 billion).
- Primary income deficit widened by £7.7 billion to £16.8 billion (2.2% of GDP) as credits decreased £2.1 billion to £94.9 billion and debits rose £5.6 billion to £111.7 billion, driven by higher payments on direct (+£4.7 billion) and portfolio investment (+£1.7 billion).
- Secondary income deficit narrowed to £4.2 billion (0.6% of GDP) from £4.9 billion, providing a small offset to wider primary income outflows.
- Financial account recorded a net inflow of £33.0 billion, financed mainly by other investment inflows (£112.0 billion) and portfolio investment inflows (£19.6 billion), alongside sizeable UK outflows in other investment (£67.9 billion).
- Net international investment position: preliminary net liability widened to £341.8 billion at end-Q2 from £324.4 billion at end-Q1, as liabilities grew faster than assets.
- Revisions and methods: series are open to revision; improved trade/FDI methods and partial implementation of precious-metals recording affected quarterly comparisons, though total GDP is unaffected.
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The UK current account deficit increased £2.4 billion to £23.5 billion, or 3.2% of GDP, in Q1 2025, larger than the projected deficit of £19.75 billion.
- The total trade deficit, excluding precious metals, narrowed to £7.5 billion (1.0% of GDP), from £10.2 billion in the previous quarter, as the goods deficit narrowed to £55.3 billion, and the services surplus narrowed to £47.8 billion.
- Total goods exports rose by £6.2 billion from £86.4 billion in Q4 2024 to £92.6 billion in Q1 2025.
- Imports of goods increased by £2.0 billion, from £145.9 billion in Q4 2024 to £147.9 billion in Q1 2025.
- The primary income account deficit widened to £6.4 billion, or 0.9% of GDP.
- There was a net financial inflow of £13.9 billion; portfolio investment moved to a net outflow and other investment moved to a net inflow.
- The preliminary estimate of the UK's net international investment liability position on widened to £371.5 billion, from £280.1 billion as of Q4 2024.
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The UK current account deficit, when trade in precious metals is included, expanded by £8.5 billion to £21.0 billion, or 2.9% of GDP in Q4 2024.
- The total trade deficit, excluding precious metals, expanded to £10.2 billion from a revised £6.0 billion in the previous quarter, as the goods deficit widened to £59.5 billion, and the services surplus increased to £49.3 billion.
- The primary income account deficit narrowed to £3.5 billion, or 0.5% of GDP in Q4 2024.
- There was a net financial inflow of £11.1 billion in Q4 2024; portfolio investment moved to a net inflow and other investment moved to a net outflow.
- The preliminary estimate of the UK’s net international investment liability position on 31 December 2024 narrowed to £280.1 billion from £397.9 billion (revised from £836.7 billion) as of 30 September 2024.
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