The United Kingdom’s (UK) current account deficit was £32.7 billion in Quarter 4 (October to December) 2015, up from a revised deficit of £20.1 billion in Quarter 3 (July to September) 2015. The deficit in Quarter 4 (October to December) 2015 equated to 7.0% of gross domestic product (GDP) at current market prices, the largest proportion since quarterly records began in 1955, up from 4.3% in Quarter 3 (July to September) 2015.
The widening in the current account deficit was due to a widening in the deficits on primary income, total trade and secondary income.
The total trade deficit widened to £12.2 billion in Quarter 4 (October to December) 2015, from £8.9 billion in Quarter 3 (July to September) 2015. This was due to exports decreasing (goods by £0.9 billion and services by £0.5 billion) and imports increasing (goods by £0.6 billion and services by £1.3 billion).
The deficit on secondary income widened by £2.0 billion, from £5.4 billion in Quarter 3 (July to September) 2015 to £7.4 billion in Quarter 4 (October to December) 2015. This was due to payments increasing more than receipts.
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