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
-
Finland: Current account deficit deepens in March
May 13, 2022
The current account recorded a EUR 1.2 billion deficit in March, deteriorating from the EUR 0.3 billion deficit clocked in February- March 2021: EUR 0.7 billion deficitMeanwhile, in the 12 months leading up to March, the current account posted a EUR 0.7 billion surplus, compared to the EUR 1.2 billion surplus booked in February. The merchandise trade balance deteriorated from the previous month, recording a EUR 0.5 billion deficit in March (February 2022: EUR 0.3 billion deficit).
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Brazil: Current account deficit narrows in February
April 29, 2022
Brazil’s current account recorded a USD 2.4 billion deficit in February, improving from the USD 4.0 billion shortfall logged in February last year, and from the USD 8.1 billion deficit clocked in January.
-
Spain: Current account swings to deficit in January
April 28, 2022
The current account posted a EUR 2.6 billion deficit in January, deteriorating from a balanced current account in December (January 2021: EUR 0.9 billion deficit).
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