Current Account in United Kingdom
United Kingdom - Current AccountThe economy shrank at the sharpest pace since the global financial crisis in Q1, weighed on by lower consumption, investment and exports amid social distancing restrictions. The downturn in Q2 will be significantly steeper as the full impact of the national lockdown is felt. In April, retail sales plummeted at a record rate, employment and wages fell, and jobless claims increased roughly 70% to over 2 million. However, the economy now appears to have bottomed out, as both the manufacturing and services PMIs picked up somewhat in May, despite languishing deep in contractionary territory. Moreover, the extension of the wage subsidy scheme through October will prevent a more marked rise in unemployment, while the gradual easing of lockdown measures—non-essential stores are set to reopen in England from 15 June for instance—should support a recovery in domestic economic activity.
United Kingdom - Current Account Data
|Current Account (% of GDP)||0.0||-0.1||0.0||0.0||0.0|
5 years of economic forecasts for more than 30 economic indicators.
United Kingdom Current Account Chart
Source: Office for National Statistics (ONS).
United Kingdom Facts
|Bond Yield||0.83||-3.04 %||Jan 01|
|Exchange Rate||1.33||-0.35 %||Jan 01|
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July 1, 2020
According to the Nationwide Building Society (NBS), house prices in the United Kingdom fell 1.4% month-on-month in June, coming after May’s 1.7% decline.
June 23, 2020
The IHS Markit/CIPS UK services Purchasing Managers’ Index (PMI) rose from 29.0 in May to 47.0 in June, but remained in contractionary territory.
June 19, 2020
The consumer confidence index rose to 30 in June from May's 34.
June 18, 2020
At its meeting ending on 17 June, the Bank of England (BoE) left the policy rate at a record low of 0.10%.
June 17, 2020
Consumer prices were flat in May over the previous month, contrasting the 0.2% fall recorded in April.