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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Albania | -9.3 | -10.8 | -8.6 | -7.6 | -7.4 |
| Algeria | 0.6 | -4.3 | -16.4 | -16.5 | -13.2 |
| Angola | 6.0 | -2.6 | -8.8 | -3.1 | -0.5 |
| Argentina | -2.1 | -1.6 | -2.7 | -2.7 | -4.9 |
| Armenia | -7.3 | -7.6 | -2.7 | -2.0 | -3.0 |
| Australia | -3.2 | -3.2 | -4.7 | -3.3 | -2.6 |
| Austria | 1.9 | 2.5 | 1.7 | 2.5 | 1.9 |
| Azerbaijan | 16.7 | 13.9 | -0.4 | -3.6 | 4.1 |
| Bahrain | 7.4 | 4.6 | -2.4 | -4.6 | -3.8 |
| Bangladesh | 1.6 | 0.8 | 1.5 | 1.9 | -0.5 |
| Belarus | -9.9 | -6.6 | -3.1 | -3.4 | -1.7 |
| Belgium | -0.4 | -0.9 | -1.1 | -0.6 | 0.8 |
| Belize | -4.5 | -7.5 | -9.7 | -8.4 | -7.7 |
| Bolivia | 2.4 | 1.7 | -5.8 | -5.6 | -5.0 |
| Bosnia and Herzegovina | -4.9 | -7.3 | -5.1 | -4.5 | -4.8 |
| Botswana | 9.0 | 15.1 | 7.6 | 13.7 | 12.2 |
| Brazil | -3.2 | -4.1 | -3.0 | -1.3 | -0.4 |
| Brunei | 20.9 | 30.7 | 16.7 | 12.9 | 16.4 |
| Bulgaria | 1.3 | 1.3 | 0.0 | 2.6 | 3.1 |
| Cambodia | -8.4 | -8.5 | -8.8 | -8.5 | -7.9 |
| Canada | -3.2 | -2.4 | -3.5 | -3.2 | -2.8 |
| Chile | -4.0 | -1.6 | -2.3 | -1.6 | -2.1 |
| China | 1.5 | 2.3 | 2.8 | 1.8 | 1.6 |
| Colombia | -3.3 | -5.2 | -6.3 | -4.2 | -3.3 |
| Costa Rica | -4.9 | -4.8 | -3.5 | -2.2 | -3.0 |
| Croatia | 0.9 | 1.8 | 4.6 | 2.6 | 3.7 |
| Cyprus | -4.9 | -4.3 | -1.5 | -5.1 | -8.4 |
| Czech Republic | -0.5 | 0.2 | 0.2 | 1.6 | 1.4 |
| DR Congo | - | - | - | - | - |
| Denmark | 7.9 | 8.6 | 8.2 | 7.9 | 7.9 |
| Dominican Republic | -4.1 | -3.2 | -1.8 | -1.1 | -0.2 |
| Ecuador | -1.0 | -0.7 | -2.2 | 1.3 | -0.5 |
| Egypt | -2.2 | -0.9 | -3.6 | -6.0 | -6.1 |
| El Salvador | -6.9 | -5.4 | -3.2 | -2.1 | -1.9 |
| Estonia | 0.5 | 0.8 | 1.8 | 2.0 | 3.2 |
| Ethiopia | -6.1 | -11.0 | -11.1 | -8.3 | -7.0 |
| Eurozone | 2.3 | 2.5 | 2.7 | 3.1 | 3.2 |
| Finland | -1.9 | -1.5 | -0.7 | -0.7 | -0.7 |
| France | -0.5 | -1.0 | -0.4 | -0.5 | -0.6 |
| Georgia | -5.9 | -10.8 | -12.6 | -13.1 | -8.8 |
| Germany | 6.7 | 6.9 | 8.5 | 8.4 | 7.9 |
| Ghana | -9.5 | -7.2 | -5.9 | -5.2 | -3.4 |
| Greece | -2.0 | -1.6 | -0.8 | -1.7 | -1.8 |
| Guatemala | -2.6 | -2.1 | -0.2 | 1.5 | 1.6 |
| Haiti | -15.6 | -15.2 | -8.9 | -5.8 | -7.6 |
| Honduras | -9.5 | -7.0 | -4.7 | -2.6 | -1.8 |
| Hong Kong | 1.5 | 1.4 | 3.3 | 4.0 | 4.7 |
| Hungary | 3.7 | 1.5 | 2.8 | 6.2 | 2.8 |
| Iceland | 5.9 | 3.8 | 5.2 | 7.7 | 3.5 |
| India | -1.8 | -1.4 | -1.1 | -0.7 | -1.8 |
| Indonesia | -3.2 | -3.1 | -2.0 | -1.8 | -1.6 |
| Iran | 4.7 | 3.1 | 0.3 | 3.9 | 3.4 |
| Iraq | 1.1 | 2.6 | -6.4 | -7.8 | 2.1 |
| Ireland | 1.6 | 1.1 | 4.4 | -4.2 | 0.5 |
| Israel | 2.9 | 4.2 | 5.0 | 3.8 | 2.8 |
| Italy | 1.0 | 1.8 | 1.3 | 2.5 | 2.6 |
| Jamaica | -9.6 | -8.0 | -3.0 | -0.3 | -2.6 |
| Japan | 0.9 | 0.8 | 3.1 | 4.0 | 4.2 |
| Jordan | -10.4 | -7.3 | -9.1 | -9.4 | -10.6 |
| Kazakhstan | 0.8 | 2.8 | -5.0 | -5.8 | -3.2 |
| Kenya | -8.8 | -10.3 | -6.8 | -4.9 | -6.2 |
| Korea | 5.6 | 5.6 | 7.2 | 6.5 | 4.6 |
| Kosovo | -3.5 | -6.6 | -8.5 | -7.9 | -6.3 |
| Kuwait | 40.3 | 33.4 | 3.5 | -4.6 | 5.9 |
| Kyrgyzstan | -14.1 | -18.6 | -18.7 | -11.5 | -6.4 |
| Laos | -7.9 | -14.5 | -15.8 | -8.8 | -7.5 |
| Latvia | -2.7 | -1.7 | -0.5 | 1.6 | 0.7 |
| Lebanon | -25.4 | -24.0 | -16.7 | -20.5 | -22.7 |
| Lithuania | 0.8 | 3.6 | -2.1 | -0.7 | 0.8 |
| Luxembourg | 5.4 | 5.2 | 5.1 | 5.1 | 5.0 |
| Malaysia | 3.5 | 4.4 | 3.0 | 2.4 | 2.8 |
| Malta | 2.0 | 3.1 | 3.6 | 6.3 | 12.3 |
| Mexico | -2.5 | -1.9 | -2.6 | -2.3 | -1.7 |
| Moldova | -6.1 | -7.1 | -7.2 | -4.2 | -5.7 |
| Mongolia | -37.4 | -15.8 | -8.1 | -6.3 | -10.1 |
| Montenegro | -14.5 | -15.2 | -13.2 | -18.1 | -18.6 |
| Morocco | -7.9 | -5.8 | -2.1 | -4.0 | -3.4 |
| Mozambique | -36.7 | -32.7 | -36.9 | -32.1 | -19.5 |
| Myanmar | -0.6 | -4.2 | -3.1 | -4.0 | -6.4 |
| Netherlands | 9.8 | 8.4 | 6.2 | 8.0 | 10.8 |
| New Zealand | -3.2 | -3.1 | -3.0 | -2.2 | -2.9 |
| Nicaragua | -10.9 | -7.1 | -8.8 | -6.5 | -4.9 |
| Nigeria | 3.9 | 0.2 | -3.2 | 0.7 | 2.8 |
| North Macedonia | -1.6 | -0.6 | -1.9 | -2.9 | -0.8 |
| Norway | 10.7 | 10.3 | 7.9 | 4.0 | 5.7 |
| Oman | 6.6 | 5.2 | -15.9 | -18.7 | -15.2 |
| Pakistan | -1.1 | -1.3 | -1.0 | -1.7 | -4.1 |
| Panama | -9.7 | -13.4 | -7.9 | -8.0 | -7.9 |
| Paraguay | 1.6 | -0.1 | -0.4 | 3.6 | 3.1 |
| Peru | -5.3 | -4.7 | -5.3 | -2.6 | -1.2 |
| Philippines | 4.2 | 3.8 | 2.5 | -0.4 | -0.7 |
| Poland | -1.3 | -2.1 | -0.6 | -0.5 | 0.1 |
| Portugal | 1.6 | 0.1 | 0.1 | 0.6 | 0.5 |
| Puerto Rico | 4.7 | 4.3 | 7.2 | 9.1 | 8.4 |
| Qatar | 30.4 | 24.0 | 8.5 | -5.5 | 3.8 |
| Romania | -1.1 | -0.6 | -1.2 | -2.0 | -3.4 |
| Russia | 1.5 | 2.8 | 5.0 | 1.9 | 2.1 |
| Saudi Arabia | 18.1 | 9.8 | -8.7 | -3.7 | 1.5 |
| Serbia | -5.8 | -5.6 | -3.5 | -2.9 | -5.2 |
| Singapore | 15.7 | 17.9 | 17.2 | 17.5 | 16.4 |
| Slovakia | 1.9 | 1.0 | -1.7 | -2.1 | -2.1 |
| Slovenia | 3.3 | 5.1 | 3.8 | 4.8 | 6.1 |
| South Africa | -5.8 | -5.1 | -4.6 | -2.9 | -2.5 |
| Spain | 1.5 | 1.1 | 1.2 | 2.3 | 1.9 |
| Sri Lanka | -3.4 | -2.5 | -2.3 | -2.1 | -2.6 |
| Sweden | 5.2 | 4.5 | 4.2 | 3.8 | 2.8 |
| Switzerland | 11.6 | 8.4 | 11.2 | 9.4 | 6.7 |
| Taiwan | 9.7 | 11.4 | 14.1 | 13.4 | 14.5 |
| Tajikistan | -10.4 | -3.7 | -6.9 | -4.2 | 2.3 |
| Tanzania | -11.1 | -10.1 | -8.6 | -5.5 | -3.5 |
| Thailand | -2.1 | 2.9 | 6.9 | 10.5 | 9.7 |
| Trinidad and Tobago | 19.9 | 14.5 | 7.4 | -3.9 | 4.9 |
| Tunisia | -8.4 | -9.1 | -8.9 | -8.8 | -10.2 |
| Turkey | -6.7 | -4.7 | -3.7 | -3.8 | -5.6 |
| Turkmenistan | -7.3 | -6.1 | -15.6 | -20.2 | -10.3 |
| USA | -2.1 | -2.1 | -2.2 | -2.3 | -2.3 |
| Uganda | -7.2 | -7.7 | -6.7 | -3.3 | -5.5 |
| Ukraine | -9.2 | -3.5 | 1.8 | -1.5 | -2.2 |
| United Arab Emirates | 18.3 | 13.3 | 4.9 | 3.7 | 7.3 |
| United Kingdom | -0.1 | 0.0 | 0.0 | -0.1 | 0.0 |
| Uruguay | -3.6 | -3.1 | -0.9 | 0.6 | 0.8 |
| Uzbekistan | 2.8 | 1.7 | 0.7 | 0.5 | 2.5 |
| Venezuela | 2.0 | 1.7 | -5.6 | -0.4 | 6.1 |
| Vietnam | 4.6 | 5.1 | 0.5 | 4.2 | 2.8 |
| Yemen | -4.4 | -4.5 | -11.4 | -9.7 | - |
| Zambia | -0.8 | 2.3 | -2.3 | -3.2 | -1.6 |
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Current Account Economic News
Spain: Current account surplus increases in June
August 30, 2019
Spain’s current account balance recorded a surplus of EUR 2.1 billion in June, well above the EUR 1.5 billion surplus recorded in June 2018 but below the EUR 2.7 billion surplus logged in May.
Brazil: Current account records largest deficit since January 2015
August 26, 2019
Brazil’s current account balance came in at a deficit of USD 9.0 billion in July, over double the USD 4.4 billion shortfall recorded in the same month of 2018 and marking the largest deficit in over 4 years.
Finland: Current account surplus widens in June
August 15, 2019
The current account balance improved to a EUR 0.8 billion surplus in June from the revised EUR 0.6 billion surplus in May (previously reported: surplus of EUR 0.3 billion). In the 12 months leading up to June, the current account balance totaled a EUR 1.5 billion deficit, marking an improvement over the EUR 3.4 billion deficit in May. The trade balance improved to a EUR 0.4 billion surplus in June from the EUR 0.1 billion surplus in May.
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