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 | -6.9 |
| Algeria | 0.6 | -4.3 | -16.4 | -16.5 | -12.9 |
| Angola | 6.0 | -2.6 | -8.9 | -3.0 | - |
| Argentina | -2.1 | -1.6 | -2.6 | -2.7 | -4.8 |
| Armenia | -7.3 | -7.5 | -2.5 | -2.2 | -3.5 |
| Australia | -3.2 | -3.2 | -4.8 | -3.1 | -2.5 |
| Austria | 1.9 | 2.5 | 1.9 | 2.1 | 1.9 |
| Azerbaijan | 15.9 | 13.2 | -0.4 | -3.6 | 4.1 |
| Bahrain | 7.4 | 4.6 | -2.4 | -4.6 | -3.9 |
| Bangladesh | 1.6 | 0.8 | 1.5 | 1.9 | -0.6 |
| Belarus | -10.1 | -6.9 | -3.2 | -3.6 | -1.7 |
| Belgium | -0.4 | -0.9 | -0.2 | 0.0 | -0.2 |
| Belize | -4.5 | -7.5 | -9.7 | -8.3 | -7.0 |
| Bolivia | 2.4 | 1.7 | -5.8 | -5.7 | -6.3 |
| Bosnia and Herzegovina | -4.9 | -7.4 | -5.3 | -4.7 | -4.8 |
| Botswana | 7.6 | 13.2 | 5.6 | 13.7 | 12.3 |
| Brazil | -3.0 | -4.2 | -3.3 | -1.3 | -0.5 |
| Brunei | 20.9 | 30.7 | 16.0 | 9.6 | - |
| Bulgaria | 1.3 | 0.1 | 0.0 | 2.3 | 4.5 |
| Cambodia | -12.9 | -9.9 | -9.4 | -8.9 | - |
| Canada | -3.2 | -2.4 | -3.6 | -3.2 | -2.9 |
| Chile | -4.0 | -1.6 | -2.2 | -1.4 | -1.5 |
| China | 1.5 | 2.3 | 2.8 | 1.8 | 1.3 |
| Colombia | -3.3 | -5.2 | -6.3 | -4.2 | -3.3 |
| Costa Rica | -5.4 | -5.3 | -3.8 | -2.8 | -3.2 |
| Croatia | 0.9 | 1.8 | 4.4 | 2.6 | 4.4 |
| Cyprus | -4.9 | -4.3 | -1.5 | -4.9 | -6.7 |
| Czech Republic | -0.5 | 0.2 | 0.2 | 1.6 | 0.9 |
| DR Congo | -9.5 | -4.8 | -3.9 | -3.6 | -3.1 |
| Denmark | 7.9 | 8.6 | 8.8 | 7.3 | 7.8 |
| Dominican Republic | -4.1 | -3.3 | -1.9 | -1.1 | -0.2 |
| Ecuador | -1.0 | -0.5 | -2.1 | 1.5 | -0.3 |
| Egypt | -2.2 | -0.9 | -3.6 | -6.0 | -6.5 |
| El Salvador | -6.9 | -5.3 | -3.2 | -2.1 | -2.0 |
| Estonia | 0.5 | 0.3 | 2.0 | 1.9 | 3.1 |
| Ethiopia | -6.1 | -11.0 | -11.1 | -8.4 | - |
| Eurozone | 2.2 | 2.5 | 3.2 | 3.6 | 3.5 |
| Finland | -1.9 | -1.5 | -0.9 | -0.3 | 0.7 |
| France | -0.5 | -1.0 | -0.4 | -0.8 | -0.5 |
| Georgia | -6.3 | -11.3 | -12.7 | -13.2 | -9.0 |
| Germany | 6.9 | 7.2 | 8.9 | 8.5 | 8.0 |
| Ghana | -12.6 | -9.9 | -7.8 | -6.7 | -4.5 |
| Greece | -2.0 | -1.6 | -0.2 | -1.1 | -0.8 |
| Guatemala | -2.6 | -2.1 | -0.2 | 1.5 | 1.5 |
| Haiti | -6.5 | -8.8 | -3.2 | -1.1 | -2.8 |
| Honduras | -9.7 | -7.1 | -4.8 | -2.8 | -1.7 |
| Hong Kong | 1.5 | 1.4 | 3.3 | 4.0 | 4.2 |
| Hungary | 3.7 | 1.5 | 3.5 | 6.1 | 2.9 |
| Iceland | 5.9 | 4.0 | 5.3 | 7.7 | 3.7 |
| India | -1.8 | -1.4 | -1.1 | -0.7 | -1.9 |
| Indonesia | -3.2 | -3.1 | -2.0 | -1.8 | -1.7 |
| Iran | 5.8 | 3.2 | 0.3 | 3.9 | - |
| Iraq | 9.6 | 10.2 | -1.1 | 2.1 | - |
| Ireland | 2.1 | 1.6 | 10.9 | 3.3 | 12.5 |
| Israel | 3.0 | 3.7 | 5.0 | 3.8 | 2.9 |
| Italy | 1.0 | 1.8 | 1.5 | 2.6 | 2.8 |
| Jamaica | -9.5 | -8.0 | -3.0 | -0.7 | - |
| Japan | 0.9 | 0.8 | 3.1 | 3.9 | 4.0 |
| Jordan | -10.4 | -7.3 | -9.1 | -9.6 | -10.6 |
| Kazakhstan | 0.5 | 2.8 | -2.8 | -6.4 | -3.0 |
| Kenya | -8.1 | -9.7 | -6.8 | -5.1 | -6.8 |
| Korea | 6.2 | 6.0 | 7.7 | 7.0 | 5.1 |
| Kosovo | -6.5 | -7.4 | -9.0 | - | - |
| Kuwait | 40.3 | 33.8 | 3.5 | -4.5 | 6.3 |
| Kyrgyzstan | -14.1 | -18.6 | -18.7 | -11.5 | -3.1 |
| Laos | -28.4 | -20.0 | -18.0 | -12.0 | - |
| Latvia | -2.7 | -2.0 | -0.8 | 1.5 | -0.9 |
| Lebanon | -26.7 | -28.1 | -19.6 | -23.3 | - |
| Lithuania | 0.8 | 3.4 | -2.9 | -1.2 | 0.8 |
| Luxembourg | 5.5 | 5.2 | 5.1 | 5.1 | 5.0 |
| Macedonia | -1.7 | -0.6 | -1.9 | -2.8 | -1.1 |
| Malaysia | 3.5 | 4.4 | 3.0 | 2.4 | 3.0 |
| Malta | 2.0 | 3.1 | 3.7 | 6.4 | 11.6 |
| Mexico | -2.4 | -1.8 | -2.5 | -2.2 | -1.7 |
| Moldova | -4.9 | -5.3 | -6.4 | -4.0 | -7.2 |
| Mongolia | -35.7 | -15.9 | -8.0 | -5.7 | -9.7 |
| Montenegro | -14.5 | -15.2 | -13.2 | -18.1 | -18.9 |
| Morocco | -7.9 | -5.7 | -2.1 | -4.2 | -3.6 |
| Mozambique | -39.1 | -33.5 | -38.6 | -35.0 | - |
| Myanmar | -4.9 | -2.2 | -5.1 | -3.9 | -5.3 |
| Netherlands | 9.9 | 8.6 | 8.7 | 8.4 | 10.2 |
| New Zealand | -3.2 | -3.2 | -3.1 | -2.2 | -2.7 |
| Nicaragua | -10.9 | -7.1 | -9.1 | -7.5 | -5.0 |
| Nigeria | 3.7 | 0.2 | -3.1 | 0.7 | 2.8 |
| Norway | 10.7 | 10.3 | 7.9 | 3.8 | 5.5 |
| Oman | 6.6 | 5.2 | -15.9 | -18.4 | - |
| Pakistan | -1.1 | -1.3 | -1.0 | -1.7 | -4.0 |
| Panama | -9.7 | -13.4 | -7.9 | -5.5 | -4.9 |
| Paraguay | 2.1 | -0.2 | -1.1 | 1.5 | -1.3 |
| Peru | -4.6 | -4.4 | -4.8 | -2.7 | -1.3 |
| Philippines | 4.2 | 3.8 | 2.5 | -0.4 | -0.8 |
| Poland | -1.3 | -2.1 | -0.6 | -0.3 | 0.3 |
| Portugal | 1.6 | 0.1 | 0.1 | 0.6 | 0.5 |
| Puerto Rico | 4.7 | 4.2 | 7.3 | 8.3 | - |
| Qatar | 30.4 | 24.0 | 8.4 | -5.4 | 3.8 |
| Romania | -1.1 | -0.6 | -1.2 | -2.0 | -3.6 |
| Russia | 1.5 | 2.8 | 5.0 | 2.0 | 2.2 |
| Saudi Arabia | 18.1 | 9.8 | -8.7 | -3.7 | 2.2 |
| Serbia | -6.1 | -6.0 | -3.7 | -3.1 | -5.7 |
| Singapore | 16.5 | 18.7 | 18.6 | 19.1 | 18.8 |
| Slovakia | 1.9 | 1.0 | -1.7 | -1.4 | -2.2 |
| Slovenia | 4.4 | 5.8 | 4.4 | 5.2 | 6.5 |
| South Africa | -5.8 | -5.1 | -4.6 | -2.8 | -2.5 |
| Spain | 1.5 | 1.1 | 1.1 | 1.9 | 1.9 |
| Sri Lanka | -3.4 | -2.5 | -2.3 | -2.1 | -2.7 |
| Sweden | 5.2 | 4.5 | 4.5 | 4.2 | 3.3 |
| Switzerland | 11.4 | 8.2 | 10.6 | 9.3 | 9.5 |
| Taiwan | 9.7 | 11.4 | 14.1 | 13.7 | 14.4 |
| Tajikistan | -7.7 | -3.0 | -7.0 | -3.8 | -0.5 |
| Tanzania | -11.4 | -10.0 | -8.4 | -4.6 | - |
| Thailand | -1.2 | 3.7 | 8.0 | 11.7 | 10.6 |
| Trinidad and Tobago | 20.3 | 14.7 | 4.6 | -11.7 | - |
| Tunisia | -8.4 | -9.1 | -8.9 | -8.8 | -10.4 |
| Turkey | -6.7 | -4.7 | -3.7 | -3.8 | -5.6 |
| Turkmenistan | -7.4 | -6.1 | -15.5 | -19.1 | - |
| USA | -2.1 | -2.1 | -2.4 | -2.4 | -2.4 |
| Uganda | -7.2 | -7.7 | -6.8 | -2.8 | -4.3 |
| Ukraine | -9.2 | -3.5 | 1.8 | -1.5 | -1.9 |
| United Arab Emirates | 18.3 | 13.3 | 4.7 | 2.4 | - |
| United Kingdom | -0.1 | -0.1 | -0.1 | -0.1 | 0.0 |
| Uruguay | -3.4 | -3.1 | -0.8 | 0.8 | 1.5 |
| Uzbekistan | 2.8 | 1.7 | -0.5 | 1.4 | 2.9 |
| Venezuela | 1.2 | 0.7 | -9.8 | - | - |
| Vietnam | 4.6 | 5.1 | 0.3 | 4.6 | 2.9 |
| Yemen | -4.3 | -4.7 | -11.4 | - | - |
| Zambia | -0.8 | 2.2 | -4.9 | -4.3 | -2.6 |
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Current Account Economic News
Brazil: Current account deficit narrows in March
April 25, 2019
Brazil’s current account balance came in at a deficit of USD 494 million in March, a smaller shortfall than the USD 666 million deficit recorded in the same month of 2018.
Finland: Current account balance deteriorates to a deficit in February
April 18, 2019
The current account balance fell to a EUR 0.04 billion deficit in February, contrasting the revised EUR 0.50 billion surplus in January, which was previously reported as a EUR 0.84 billion surplus.
Turkey: Current account deficit narrows in February
April 11, 2019
The current account deficit widened slightly to USD 718 million in February from a revised USD 589 million in January (previously reported: USD 810 million deficit); however, the print is down markedly from the USD 3.8 billion deficit recorded in February 2018.
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