United Kingdom Current Account

The UK’s current account deficit widened to £21.0 billion (2.9% of GDP) in Q4 2024, up from a downwardly revised £12.5 billion in Q3, but below forecasts of a £24.5 billion shortfall. The trade in goods deficit increased by £4.8 billion to £59.5 billion, primarily due to a £3.5 billion decline in goods exports, while goods imports rose by £1.3 billion. The services surplus expanded by £0.6 billion to £49.3 billion, as services exports increased by £3.5 billion, outpacing the £2.9 billion rise in services imports. At the same time, the primary income deficit narrowed by £2.1 billion to £3.5 billion, with both credits and debits declining. Meanwhile, the secondary income balance expanded by £2.2 billion to £5.0 billion, as general government debit payments increased by £2.1 billion.