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U.K. Q2 current account deficit narrows more than expected

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Investing.com -

Investing.com - The U.K.'s current account deficit narrowed more than expected in the second quarter, official data showed on Wednesday.

In a report, the U.K.'s National Statistics Office said that the current account recorded a seasonally adjusted deficit of £16.8 billion in the three months ended June 30, narrowing from a deficit of £24.0 billion in the first quarter, whose figure was revised from a deficit of £26.5 billion.

Economists had expected the current account deficit to narrow to £22.3 billion in the second quarter.

The deficit equated to 3.6% of gross domestic product at current market prices, down from 5.2% in the first quarter.

The narrowing of the current account deficit was mainly due to a narrowing in the deficit on the trade account and a small narrowing in the deficit on the primary income account, slightly offset by a small widening in the deficit on the secondary income account.

GBP/USD was trading at 1.5147 from around 1.5156 ahead of the release of the data, while EUR/GBP was at 0.7413 from 0.7409 earlier.

Meanwhile, European stock markets remained higher. London's FTSE 100 jumped 1.8%, the EURO STOXX 50 rallied 1.9%, France's CAC 40 surged 1.9%, while Germany's DAX advanced 1.8%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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