Current Account (% of GDP)

Current Account (% of GDP)

The current account is one of the two components of a country's balance of payments, the other being the capital account. It consists of the trade balance (the difference between the total value of exports of goods and services and the total value of imports of goods and services), the net factor income (difference between the return on investments generated by citizens abroad and payments made to foreign investors domestically) and net cash transfers, where all these elements are measured in the domestic currency.

When a country's current account balance is positive (also known as incurring a surplus), the country is a net lender to the rest of the world. When a country's current account balance is negative (also known as running a deficit), the country is a net borrower from the rest of the world. The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country’s level of international competitiveness.

The table below shows the current account as a percentage of Gross Domestic Product (GDP) by country for the last five years.

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Current Account Data

2015 2016 2017 2018 2019
Albania-8.8-7.7-7.5-6.8-7.7
Algeria-16.4-16.4-13.2-9.6-  
Angola-8.8-3.1-0.56.96.1
Argentina-2.7-2.7-4.8-5.0-0.8
Armenia-2.7-2.0-3.0-9.3-8.1
Australia-4.7-3.3-2.6-2.00.6
Austria1.72.71.62.32.6
Azerbaijan-0.4-3.64.112.89.1
Bahrain-2.4-4.6-4.1-6.4-2.1
Bangladesh1.81.9-0.5-3.5-1.7
Belarus-3.1-3.4-1.70.0-1.8
Belgium1.30.61.2-1.3-1.3
Belize-10.0-8.5-7.8-8.1-  
Bolivia-5.8-5.6-4.9-4.5-3.3
Bosnia and Herzegovina-4.9-4.5-4.2-3.6-3.5
Botswana2.27.76.12.1-6.0
Brazil-3.0-1.3-0.7-2.2-2.7
Brunei16.712.916.47.9-  
Bulgaria0.13.23.51.44.1
Cambodia-8.9-8.6-8.2-12.3-15.8
Canada-3.5-3.1-2.8-2.5-2.0
Chile-2.3-2.0-2.3-3.6-3.9
China2.81.81.60.21.0
Colombia-6.3-4.3-3.3-3.9-4.2
Costa Rica-3.5-2.2-3.4-3.3-2.5
Croatia3.12.23.91.72.8
Cyprus-0.5-4.2-5.1-4.4-6.7
Czech Republic0.21.61.40.6-  
DR Congo-  -  -  -  -  
Denmark8.37.77.77.07.6
Dominican Republic-1.8-1.1-0.2-1.4-1.4
Ecuador-2.21.1-0.1-1.2-0.1
Egypt-3.6-6.0-6.1-2.4-3.6
El Salvador-3.2-2.3-1.9-4.7-2.1
Estonia1.81.72.72.02.8
Ethiopia-10.8-8.2-7.0-5.3-  
Eurozone2.83.33.13.12.7
Finland-0.9-2.0-0.8-1.6-0.8
France-0.4-0.5-0.7-0.6-0.7
Georgia-11.8-12.5-8.1-6.8-5.1
Germany8.58.57.77.57.0
Ghana-5.9-5.2-3.4-3.2-2.5
Greece-0.8-1.7-1.9-2.8-1.4
Guatemala-1.21.01.10.82.4
Haiti-8.6-5.5-7.6-7.4-  
Honduras-4.6-2.6-0.8-5.3-0.6
Hong Kong3.34.04.63.76.2
Hungary2.34.52.40.0-0.9
Iceland5.27.73.63.06.0
India-1.1-0.7-1.8-2.1-  
Indonesia-2.0-1.8-1.6-2.9-2.7
Iran0.33.93.4-  -  
Iraq-1.71.37.816.27.1
Ireland4.4-4.20.510.7-9.5
Israel5.23.62.42.63.6
Italy1.42.62.62.52.9
Jamaica-3.0-0.3-2.6-1.8-2.0
Japan3.14.04.23.63.6
Jordan-9.2-9.8-10.8-7.0-2.8
Kazakhstan-5.0-5.8-3.1-0.1-3.6
Kenya-6.8-4.9-6.2-4.9-5.0
Korea7.26.54.64.53.6
Kosovo-8.5-7.9-5.2-7.6-  
Kuwait3.5-4.68.014.5-  
Kyrgyzstan-15.9-11.6-6.2-12.1-9.1
Laos-15.8-8.8-7.5-8.0-4.7
Latvia-0.91.41.0-0.7-0.5
Lebanon-17.1-20.4-22.7-23.6-  
Lithuania-2.4-1.20.40.44.4
Luxembourg5.14.94.94.84.5
Malaysia3.02.42.82.23.4
Malta3.66.312.310.610.5
Mexico-2.7-2.3-1.8-2.1-0.3
Moldova-6.0-3.5-6.1-10.6-10.1
Mongolia-8.1-6.3-10.1-16.8-15.6
Montenegro-11.0-16.3-16.2-16.8-15.4
Morocco-2.1-4.0-3.4-5.3-4.1
Mozambique-36.9-32.1-19.5-30.6-20.1
Myanmar-3.4-4.2-6.5-4.2-2.0
Netherlands6.28.010.810.8-  
New Zealand-2.8-2.0-2.7-3.8-3.0
Nicaragua-8.8-6.5-4.90.6-  
Nigeria-3.10.72.80.9-3.6
North Macedonia-1.9-2.9-0.8-0.2-2.7
Norway7.74.05.77.24.0
Oman-16.0-19.1-15.6-5.5-  
Pakistan-1.0-1.7-4.1-6.3-4.9
Panama-7.9-8.0-5.9-8.2-5.2
Paraguay-0.43.63.1-0.2-1.2
Peru-5.0-2.6-1.3-1.7-1.5
Philippines2.4-0.4-0.7-2.5-0.1
Poland-0.6-0.50.0-1.00.5
Portugal0.21.21.4-0.6-  
Puerto Rico7.29.17.89.77.6
Qatar8.5-5.53.88.72.3
Romania-1.2-2.0-3.4-4.4-4.6
Russia5.01.92.16.83.8
Saudi Arabia-8.7-3.71.59.06.3
Serbia-3.5-2.9-5.2-4.8-6.9
Singapore18.717.616.317.217.0
Slovakia-1.7-2.1-2.1-2.4-2.9
Slovenia3.84.86.36.16.6
South Africa-4.6-2.9-2.5-3.5-3.0
Spain2.03.22.71.92.0
Sri Lanka-2.3-2.1-2.6-3.2-2.2
Sweden4.13.53.12.54.2
Switzerland11.39.96.48.212.2
Taiwan13.513.114.011.710.6
Tajikistan-6.9-4.22.3-5.0-2.3
Tanzania-9.7-5.5-3.4-3.9-  
Thailand6.910.59.65.67.0
Trinidad and Tobago6.9-4.45.35.8-  
Tunisia-9.0-8.6-10.3-11.2-9.0
Turkey-3.2-3.1-4.8-2.71.2
Turkmenistan-15.6-20.2-10.45.5-  
USA-2.2-2.3-2.3-2.4-2.3
Uganda-6.2-2.8-4.5-7.2-9.5
Ukraine1.8-1.5-2.2-3.3-0.9
United Arab Emirates4.93.77.19.67.0
United Kingdom0.0-0.10.00.00.0
Uruguay-0.9-0.10.70.10.7
Uzbekistan1.30.52.5-7.1-5.6
Venezuela-5.6-0.46.18.7-  
Vietnam-1.10.3-0.72.5-  
Yemen-9.8-3.6-0.2-1.9-  
Zambia-2.3-3.2-1.6-1.2-  

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Current Account Economic News

  • Spain: Current account surplus widens in July

    September 30, 2021

    Spain’s current account balance recorded a surplus of EUR 2.5 billion in July 2021, above the EUR 1.8 billion surplus logged in July 2020 and June 2021’s EUR 0.6 billion surplus.

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  • Brazil: Current account swings into surplus in August

    September 24, 2021

    Brazil’s current account recorded a surplus of USD 1.7 billion in August, improving from the USD 1.0 billion surplus recorded in August 2020 and contrasting the USD 1.5 billion surplus clocked in July of this year. August’s result largely reflected a greater goods surplus and a reduction in the primary income account deficit compared to a year ago, while the services accounts moved further into deficit.

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  • Turkey: Current account deficit narrows again in July, supported by services exports

    September 14, 2021

    Turkey’s current account deficit continued to narrow at the outset of the third quarter, with the shortfall dropping to USD 0.7 billion in July from USD 2.0 billion in July 2020 (June 2021: USD -1.1 billion).

    Read more

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