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 | -0.5 | 6.9 | 6.1 |
| 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 | -2.0 | 0.6 |
| Austria | 1.7 | 2.7 | 1.6 | 2.3 | 2.6 |
| Azerbaijan | -0.4 | -3.6 | 4.1 | 12.8 | 9.1 |
| Bahrain | -2.4 | -4.6 | -4.1 | -6.4 | -2.1 |
| Bangladesh | 1.8 | 1.9 | -0.5 | -3.5 | -1.7 |
| Belarus | -3.1 | -3.4 | -1.7 | 0.0 | -1.8 |
| Belgium | 1.3 | 0.6 | 1.2 | -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 |
| Botswana | 2.2 | 7.7 | 6.1 | 2.1 | -6.0 |
| Brazil | -3.0 | -1.3 | -0.7 | -2.2 | -2.7 |
| Brunei | 16.7 | 12.9 | 16.4 | 7.9 | - |
| Bulgaria | 0.1 | 3.2 | 3.5 | 1.4 | 4.1 |
| 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 |
| China | 2.8 | 1.8 | 1.6 | 0.2 | 1.0 |
| Colombia | -6.3 | -4.3 | -3.3 | -3.9 | -4.2 |
| Costa Rica | -3.5 | -2.2 | -3.4 | -3.3 | -2.5 |
| Croatia | 3.1 | 2.2 | 3.9 | 1.7 | 2.8 |
| Cyprus | -0.5 | -4.2 | -5.1 | -4.4 | -6.7 |
| Czech Republic | 0.2 | 1.6 | 1.4 | 0.6 | - |
| DR Congo | - | - | - | - | - |
| Denmark | 8.3 | 7.7 | 7.7 | 7.0 | 7.6 |
| Dominican Republic | -1.8 | -1.1 | -0.2 | -1.4 | -1.4 |
| Ecuador | -2.2 | 1.1 | -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 |
| Estonia | 1.8 | 1.7 | 2.7 | 2.0 | 2.8 |
| Ethiopia | -10.8 | -8.2 | -7.0 | -5.3 | - |
| Eurozone | 2.8 | 3.3 | 3.1 | 3.1 | 2.7 |
| 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 |
| Germany | 8.5 | 8.5 | 7.7 | 7.5 | 7.0 |
| Ghana | -5.9 | -5.2 | -3.4 | -3.2 | -2.5 |
| Greece | -0.8 | -1.7 | -1.9 | -2.8 | -1.4 |
| Guatemala | -1.2 | 1.0 | 1.1 | 0.8 | 2.4 |
| Haiti | -8.6 | -5.5 | -7.6 | -7.4 | - |
| Honduras | -4.6 | -2.6 | -0.8 | -5.3 | -0.6 |
| Hong Kong | 3.3 | 4.0 | 4.6 | 3.7 | 6.2 |
| Hungary | 2.3 | 4.5 | 2.4 | 0.0 | -0.9 |
| Iceland | 5.2 | 7.7 | 3.6 | 3.0 | 6.0 |
| India | -1.1 | -0.7 | -1.8 | -2.1 | - |
| Indonesia | -2.0 | -1.8 | -1.6 | -2.9 | -2.7 |
| Iran | 0.3 | 3.9 | 3.4 | - | - |
| Iraq | -1.7 | 1.3 | 7.8 | 16.2 | 7.1 |
| Ireland | 4.4 | -4.2 | 0.5 | 10.7 | -9.5 |
| Israel | 5.2 | 3.6 | 2.4 | 2.6 | 3.6 |
| Italy | 1.4 | 2.6 | 2.6 | 2.5 | 2.9 |
| Jamaica | -3.0 | -0.3 | -2.6 | -1.8 | -2.0 |
| Japan | 3.1 | 4.0 | 4.2 | 3.6 | 3.6 |
| 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 |
| Korea | 7.2 | 6.5 | 4.6 | 4.5 | 3.6 |
| Kosovo | -8.5 | -7.9 | -5.2 | -7.6 | - |
| Kuwait | 3.5 | -4.6 | 8.0 | 14.5 | - |
| Kyrgyzstan | -15.9 | -11.6 | -6.2 | -12.1 | -9.1 |
| Laos | -15.8 | -8.8 | -7.5 | -8.0 | -4.7 |
| Latvia | -0.9 | 1.4 | 1.0 | -0.7 | -0.5 |
| Lebanon | -17.1 | -20.4 | -22.7 | -23.6 | - |
| Lithuania | -2.4 | -1.2 | 0.4 | 0.4 | 4.4 |
| Luxembourg | 5.1 | 4.9 | 4.9 | 4.8 | 4.5 |
| Malaysia | 3.0 | 2.4 | 2.8 | 2.2 | 3.4 |
| Malta | 3.6 | 6.3 | 12.3 | 10.6 | 10.5 |
| 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 |
| Netherlands | 6.2 | 8.0 | 10.8 | 10.8 | - |
| New Zealand | -2.8 | -2.0 | -2.7 | -3.8 | -3.0 |
| Nicaragua | -8.8 | -6.5 | -4.9 | 0.6 | - |
| Nigeria | -3.1 | 0.7 | 2.8 | 0.9 | -3.6 |
| North Macedonia | -1.9 | -2.9 | -0.8 | -0.2 | -2.7 |
| Norway | 7.7 | 4.0 | 5.7 | 7.2 | 4.0 |
| 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 | -0.4 | 3.6 | 3.1 | -0.2 | -1.2 |
| Peru | -5.0 | -2.6 | -1.3 | -1.7 | -1.5 |
| Philippines | 2.4 | -0.4 | -0.7 | -2.5 | -0.1 |
| Poland | -0.6 | -0.5 | 0.0 | -1.0 | 0.5 |
| Portugal | 0.2 | 1.2 | 1.4 | -0.6 | - |
| Puerto Rico | 7.2 | 9.1 | 7.8 | 9.7 | 7.6 |
| Qatar | 8.5 | -5.5 | 3.8 | 8.7 | 2.3 |
| Romania | -1.2 | -2.0 | -3.4 | -4.4 | -4.6 |
| Russia | 5.0 | 1.9 | 2.1 | 6.8 | 3.8 |
| Saudi Arabia | -8.7 | -3.7 | 1.5 | 9.0 | 6.3 |
| Serbia | -3.5 | -2.9 | -5.2 | -4.8 | -6.9 |
| Singapore | 18.7 | 17.6 | 16.3 | 17.2 | 17.0 |
| Slovakia | -1.7 | -2.1 | -2.1 | -2.4 | -2.9 |
| Slovenia | 3.8 | 4.8 | 6.3 | 6.1 | 6.6 |
| South Africa | -4.6 | -2.9 | -2.5 | -3.5 | -3.0 |
| Spain | 2.0 | 3.2 | 2.7 | 1.9 | 2.0 |
| Sri Lanka | -2.3 | -2.1 | -2.6 | -3.2 | -2.2 |
| Sweden | 4.1 | 3.5 | 3.1 | 2.5 | 4.2 |
| Switzerland | 11.3 | 9.9 | 6.4 | 8.2 | 12.2 |
| Taiwan | 13.5 | 13.1 | 14.0 | 11.7 | 10.6 |
| Tajikistan | -6.9 | -4.2 | 2.3 | -5.0 | -2.3 |
| Tanzania | -9.7 | -5.5 | -3.4 | -3.9 | - |
| Thailand | 6.9 | 10.5 | 9.6 | 5.6 | 7.0 |
| Trinidad and Tobago | 6.9 | -4.4 | 5.3 | 5.8 | - |
| Tunisia | -9.0 | -8.6 | -10.3 | -11.2 | -9.0 |
| Turkey | -3.2 | -3.1 | -4.8 | -2.7 | 1.2 |
| Turkmenistan | -15.6 | -20.2 | -10.4 | 5.5 | - |
| USA | -2.2 | -2.3 | -2.3 | -2.4 | -2.3 |
| Uganda | -6.2 | -2.8 | -4.5 | -7.2 | -9.5 |
| Ukraine | 1.8 | -1.5 | -2.2 | -3.3 | -0.9 |
| United Arab Emirates | 4.9 | 3.7 | 7.1 | 9.6 | 7.0 |
| United Kingdom | 0.0 | -0.1 | 0.0 | 0.0 | 0.0 |
| Uruguay | -0.9 | -0.1 | 0.7 | 0.1 | 0.7 |
| Uzbekistan | 1.3 | 0.5 | 2.5 | -7.1 | -5.6 |
| Venezuela | -5.6 | -0.4 | 6.1 | 8.7 | - |
| Vietnam | -1.1 | 0.3 | -0.7 | 2.5 | - |
| 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 swings to surplus in September
December 1, 2022
The current account recorded a EUR 0.4 billion surplus in September, improving from the EUR 0.1 billion deficit clocked in August (September 2021: EUR 1.5 billion surplus).
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Brazil: Current account shortfall narrows in October
November 25, 2022
Brazil’s current account recorded a USD 4.6 billion deficit in October, narrowing from the USD 6.0 billion shortfall posted in the same month last year, and from the USD 7.1 billion deficit clocked in September 2022. October’s result chiefly reflected the near doubling of the surplus in trade goods compared to October 2021.
-
Finland: Current account swings to surplus in September
November 11, 2022
The current account posted a EUR 0.4 billion surplus in September, rebounding from the EUR 0.5 billion deficit posted in August (September 2021: EUR 1.0 billion surplus).
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