Current Account in United Kingdom
United Kingdom - Current AccountGDP growth was well above the European average in Q1, as the removal of virtually all Covid-19 restrictions supported private consumption. Moreover, fixed investment accelerated from Q4 due to a large expansion in government investment. However, business investment contracted, while exports fell sharply. Moreover, growth only occurred early in the quarter, as monthly data shows GDP flatlined in February and shrank in March, as the cost-of-living squeeze intensified. Moving to Q2, PMI data for April and May suggests a sharp loss of momentum, in line with record inflation, all-time low consumer sentiment and renewed supply chain difficulties. In May, the government announced a GBP 15 billion cost-of-living package, with measures including a discount on energy bills for all households, and fiscal transfers to low earners. The measures will support activity, but potentially at the cost of generating extra inflation.
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 22, 2022
Consumer confidence was unchanged at June's record low of minus 41.0 in July.
July 22, 2022
The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) fell from 53.7 in June to 52.8 in July.
July 20, 2022
Consumer prices rose 0.80% over the previous month in June, picking up from May's 0.65% rise.
July 18, 2022
According to the ONS, in March–May the unemployment rate registered 3.8%, unchanged from the previous rolling quarter and close to its pre-pandemic level, while job vacancies eased from their previous record high in the three months to June.
July 13, 2022
GDP increased 0.5% month-on-month in seasonally-adjusted terms in May (April: -0.2% mom), beating market expectations of a flat reading.