Key information about UK Current Account Balance

• United Kingdom Current Account recorded a deficit of 13.1 USD bn in Mar 2023, compared with a deficit of 2.9 USD bn in the previous quarter.
• UK Current Account Balance: USD mn data is updated quarterly, available from Mar 1957 to Mar 2023, with an averaged value of -1.7 USD bn.
• The data reached an all-time high of 6.5 USD bn in Mar 1981 and a record low of -67.7 USD bn in Mar 2022.
• CEIC converts quarterly Current Account Balance into USD. Office for National Statistics provides Current Account Balance in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.
• Foreign Direct Investment (FDI) fell by 37.8 USD bn in Mar 2023.
• UK Direct Investment Abroad expanded by 14.7 USD bn in Mar 2023.
• Its Foreign Portfolio Investment fell by 33.0 USD bn in Mar 2023.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

Key information about United Kingdom Current Account Balance: % of GDP

• United Kingdom Current Account deficit accounted for 2.5 % of the country's Nominal GDP in Sep 2024, compared with a 3.4 % deficit in the previous quarter.
• UK Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1955 to Sep 2024, with an average value of -1.0 %.
• The data reached an all-time high of 4.0 % in Mar 1981 and a record low of -6.9 % in Dec 2014.

• In the latest reports of UK, Current Account recorded a deficit of 13.1 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) fell by 8.6 USD bn in Sep 2024.
• UK Direct Investment Abroad fell by 7.0 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 2.8 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 786.4 USD bn in Mar 2023.

The United Kingdom recorded a Current Account deficit of 23500 GBP Million in the first quarter of 2025. This dataset provides the latest reported value for - United Kingdom Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United Kingdom UK: BOP: Current Account: Balance: % of GDP data was reported at -4.061 % in 2017. This records an increase from the previous number of -5.842 % for 2016. United Kingdom UK: BOP: Current Account: Balance: % of GDP data is updated yearly, averaging -1.817 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 2.612 % in 1981 and a record low of -5.842 % in 2016. United Kingdom UK: BOP: Current Account: Balance: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; ; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

For current account values prior to the first quarter of 1981, please see terminated table 36-10-0045-01 (formely: CANSIM 376-0003). For capital account values prior to the first quarter of 1981, please see archived table 36-10-0046-01 (formely: CANSIM 376-0004). Includes a general provision to cover legal, accounting and third-party management consulting until surveyed more specifically from 1995; also includes retail software exports before 1996. Other services include both commercial services and government services. These two categories are available separately from 1973. Before 2002, receipts of money market interest are included indistinguishably with other investment and not with portfolio investment. Prior to 1993, withholding tax applicable on payments of money market interest was included with interest on other investment. From 1993, it is included in interest on portfolio investment. Foreign taxes are applicable only to payments where it refers to total withholding taxes paid by Canadian residents and which are initially part of various Canadian interest, dividend and services receipts. Canadian taxes are applicable only to receipts where it refers to total withholding taxes received by the Government of Canada and which are initially part of various Canadian interest, dividend, and services payments. Official contributions are applicable only to payments where it refers to official contributions made by the Canadian governments and their enterprises. A net lending is shown as a plus sign whereas a net borrowing is shown as a minus sign. European Union (EU) countries excluding the United Kingdom includes currently Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; from January 1995, includes Austria, Finland, and Sweden; from May 2004, Cyprus, Czechia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia; from January 2007, Bulgaria and Romania; from July 2013, Croatia. Other Organisation for Economic Co-operation and Development (OECD) countries includes currently Australia, Iceland, New Zealand, Norway, Switzerland, Turkey; from July 1994 Mexico; from December 1995 up to April 2004, Czechia; from May 1996 up to April 2004, Hungary; from November 1996 up to April 2004, Poland; from December 1996, Republic of Korea; from January 2001 up to April 2004, Slovakia; up to December 1994, Austria, Finland and Sweden; from May 2010, Chile; from April 2020, Colombia. Private transfers and other private transfers include the counterpart of adjustments for insurance claims volatility made in the insurance services. Beginning January 2021, the United Kingdom ceased to be covered by trade agreements negotiated by the European Union. Since the data for the United Kingdom is presented separately in this table, the values for the European Union exclude those of the United Kingdom for all reference periods and regardless of the membership status of the United Kingdom in the European Union.

United Kingdom UK: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data was reported at 29.354 % in 2017. This records a decrease from the previous number of 32.519 % for 2016. United Kingdom UK: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data is updated yearly, averaging 27.228 % from Dec 1986 (Median) to 2017, with 32 observations. The data reached an all-time high of 35.974 % in 2007 and a record low of 13.995 % in 1989. United Kingdom UK: BOP: Current Account: Exports: Service: Insurance and Financial Services: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

This statistic illustrates the most popular features included in packaged current banking accounts in the United Kingdom (UK) as of June 2016. Added value accounts and premier accounts fall into the category of packaged accounts, meaning a monthly fee is paid in exchange for a number of additional benefits compiled by the bank. The most common feature offered with packaged bank accounts was commission free foreign currency, with a share of 88.5 percent of accounts offering this feature at that time. The second and third most common features offered also related to travel at that time, namely commission free travelers cheques and travel insurance.

For values prior to 1981, please see terminated table 36-10-0049-01 (formely: CANSIM 376-0007). For seasonally adjusted values prior to 1981, please see terminated table 36-10-0047-01 (formely: CANSIM 376-0005). Starting with the first quarter of 1988, trade in goods data are classified according to the North American Product Classification System (NAPCS) 2022. Prior to the first quarter of 1988, NAPCS 2007 is used to classify trade in goods by commodity. Differences between trade values published under NAPCS 2022 and those published under NAPCS 2007 are due primarily to changes to the concordance used to map values collected under the Harmonized System (HS) classification to NAPCS. The individual commodity groups are valued at the point of last consignment (plant) with various commodity-specific balance of payments adjustments applied for valuation (including inland freight), timing and coverage. Special transactions trade is a standard statistical category of goods which covers items not allocated to another commodity grouping and whose source is customs records. Other balance of payments adjustments cover balance of payments adjustments not allocated to specific commodities, including the inland freight. The addition of inland freight results in a total goods figure valued at the customs frontier of the exporting country. Beginning January 2021, the United Kingdom ceased to be covered by trade agreements negotiated by the European Union. Since the data for the United Kingdom is presented separately in this table, the values for the European Union exclude those of the United Kingdom for all reference periods and regardless of the membership status of the United Kingdom in the European Union.

United Kingdom UK: BoP: Current Account data was reported at -106.505 USD bn in 2017. This records an increase from the previous number of -154.873 USD bn for 2016. United Kingdom UK: BoP: Current Account data is updated yearly, averaging -18.371 USD bn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 14.127 USD bn in 1981 and a record low of -161.162 USD bn in 2014. United Kingdom UK: BoP: Current Account data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s UK – Table UK.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

United Kingdom UK: BOP: Current Account: Primary Income: Payments data was reported at 268.751 USD bn in 2017. This records an increase from the previous number of 255.268 USD bn for 2016. United Kingdom UK: BOP: Current Account: Primary Income: Payments data is updated yearly, averaging 137.610 USD bn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 635.366 USD bn in 2007 and a record low of 2.155 USD bn in 1970. United Kingdom UK: BOP: Current Account: Primary Income: Payments data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Primary income payments refer to employee compensation paid to nonresident workers and investment income (payments on direct investment, portfolio investment, other investments). Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Sum; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

A list of HMG UK and overseas bank and control accounts

United Kingdom UK: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data was reported at 47.906 % in 2017. This records an increase from the previous number of 45.028 % for 2016. United Kingdom UK: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data is updated yearly, averaging 41.165 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 51.325 % in 1985 and a record low of 32.633 % in 1990. United Kingdom UK: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

For current account values prior to 1981, please see terminated table 36-10-0043-01 (formely: CANSIM 376-0001). For capital account values prior to 1981, please see terminated table 36-10-0044-01 (formely: CANSIM 376-0002). Includes a general provision to cover legal, accounting and third-party management consulting until surveyed more specifically from 1995; also includes retail software exports before 1996. Other services include both commercial services and government services. These two categories are available separately from 1973. Before 2002, receipts of money market interest are included indistinguishably with other investment and not with portfolio investment. Prior to 1993, withholding tax applicable on payments of money market interest was included with interest on other investment. From 1993, it is included in interest on portfolio investment. Foreign taxes are applicable only to payments where it refers to total withholding taxes paid by Canadian residents and which are initially part of various Canadian interest, dividend and services receipts. Canadian taxes are applicable only to receipts where it refers to total withholding taxes received by the Government of Canada and which are initially part of various Canadian interest, dividend, and services payments. Official contributions are applicable only to payments where it refers to official contributions made by the Canadian governments and their enterprises. A net lending is shown as a plus sign whereas a net borrowing is shown as a minus sign. European Union (EU) countries excluding the United Kingdom includes currently Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; from January 1995, includes Austria, Finland, and Sweden; from May 2004, Cyprus, Czechia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia; from January 2007, Bulgaria and Romania; from July 2013, Croatia. Other Organisation for Economic Co-operation and Development (OECD) countries includes currently Australia, Iceland, New Zealand, Norway, Switzerland, Turkey; from July 1994 Mexico; from December 1995 up to April 2004, Czechia; from May 1996 up to April 2004, Hungary; from November 1996 up to April 2004, Poland; from December 1996, Republic of Korea; from January 2001 up to April 2004, Slovakia; up to December 1994, Austria, Finland and Sweden; from May 2010, Chile; from April 2020, Colombia. Private transfers and other private transfers include the counterpart of adjustments for insurance claims volatility made in the insurance services. Beginning January 2021, the United Kingdom ceased to be covered by trade agreements negotiated by the European Union. Since the data for the United Kingdom is presented separately in this table, the values for the European Union exclude those of the United Kingdom for all reference periods and regardless of the membership status of the United Kingdom in the European Union.

Travel services (% of service imports) of United Kingdom surged by 7.25% from 26.4 % in 2022 to 28.3 % in 2023. Since the 58.75% slump in 2020, travel services (% of service imports) soared by 127.70% in 2023. Travel covers goods and services acquired from an economy by travelers for their own use during visits of less than one year in that economy for either business or personal purposes. Travel includes local transport (i.e., transport within the economy being visited and provided by a resident of that economy), but excludes international transport (which is included in passenger transport. Travel also excludes goods for resale, which are included in general merchandise.

The UK retail banking market, valued at approximately £68.77 billion in 2025, is projected to experience steady growth, driven by several key factors. The increasing adoption of digital banking solutions, including online platforms and mobile apps, is significantly impacting market dynamics. Consumers are increasingly demanding convenient and personalized financial services, prompting banks to invest heavily in technological upgrades and user-friendly interfaces. Furthermore, the rise of fintech companies is fostering competition and innovation, leading to the introduction of new products and services, such as mobile payment systems and personalized financial management tools. While Brexit initially presented challenges, the market has shown resilience, with banks adapting to new regulatory environments and focusing on strengthening customer relationships. The segment showing the strongest growth is likely online banking, driven by younger demographics' preference for digital interactions and increased smartphone penetration. However, the market also faces constraints such as increasing regulatory scrutiny, cybersecurity threats, and the need for continuous investment in technology to maintain a competitive edge. Growth in the wealth management segment will also contribute to the overall market expansion, fueled by a rising affluent population and increasing demand for sophisticated investment services. The continued expansion of the market is expected to be spread across multiple channels, reflecting the diverse preferences of UK consumers. The projected Compound Annual Growth Rate (CAGR) of 3.45% suggests a consistent, albeit moderate, expansion of the UK retail banking market over the forecast period (2025-2033). This growth is likely to be influenced by macroeconomic factors such as economic growth, inflation, and interest rates. The market's segmentation highlights the diverse nature of customer needs, with significant opportunities for banks to cater to specific demographics, such as high-net-worth individuals and small businesses. Strategic partnerships with fintech companies and the development of innovative financial products tailored to specific segments will play a crucial role in determining future market leaders. The continued dominance of established players such as HSBC, Barclays, and Lloyds Banking Group is anticipated, but they will likely face increased competition from challenger banks and international players. The overall market outlook remains positive, contingent upon maintaining macroeconomic stability and sustained consumer confidence. This in-depth report provides a comprehensive analysis of the UK retail banking market, covering the period from 2019 to 2033. It delves into market dynamics, competitive landscapes, and future growth projections, providing invaluable insights for businesses and investors operating within or considering entry into this dynamic sector. The report utilizes data from the historical period (2019-2024), with a base year of 2025 and a forecast period spanning 2025-2033. The study highlights key trends, challenges, and opportunities within the £XXX million market. Recent developments include: August 2024: Lloyds Bank launched a USD 137 cash offer for students opening current accounts. To qualify, students must deposit at least USD 622 between August 1 and October 31, 2024. Student account holders will also receive a 20% discount on selected Student Union events and can earn 2% interest on balances up to USD 6,219.September 2023: HSBC pioneered a partnership with Nova Credit, making it the first UK bank to allow newcomers to access their credit history from abroad. This initiative aims to facilitate smoother financial integration for individuals relocating to the United Kingdom.. Key drivers for this market are: The Shift Toward Digital Banking, with Customers Increasingly Using Online and Mobile Banking Services. Potential restraints include: The Shift Toward Digital Banking, with Customers Increasingly Using Online and Mobile Banking Services. Notable trends are: Deposit Trends and Digital Transformation Driving Traditional Banking.

United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows data was reported at 64.685 USD bn in 2017. This records a decrease from the previous number of 265.811 USD bn for 2016. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows data is updated yearly, averaging 22.149 USD bn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 265.811 USD bn in 2016 and a record low of -347.323 USD mn in 1984. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment refers to direct investment equity flows in the reporting economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

United Kingdom UK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data was reported at 50.725 % in 2017. This records an increase from the previous number of 48.163 % for 2016. United Kingdom UK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data is updated yearly, averaging 33.138 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 50.725 % in 2017 and a record low of 27.033 % in 1988. United Kingdom UK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data was reported at 5.608 % in 2017. This records an increase from the previous number of 1.977 % for 2016. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data is updated yearly, averaging 2.574 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 17.722 % in 2000 and a record low of -3.769 % in 2014. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment refers to direct investment equity flows in an economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. This series shows net outflows of investment from the reporting economy to the rest of the world, and is divided by GDP.; ; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

United Kingdom UK: BOP: Current Account: Net Trade: Goods data was reported at -174.681 USD bn in 2017. This records an increase from the previous number of -182.916 USD bn for 2016. United Kingdom UK: BOP: Current Account: Net Trade: Goods data is updated yearly, averaging -22.280 USD bn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 6.960 USD bn in 1981 and a record low of -202.469 USD bn in 2014. United Kingdom UK: BOP: Current Account: Net Trade: Goods data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Current Account. Net trade in goods is the difference between exports and imports of goods. Trade in services is not included. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; ; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.