World Economy

UK Current A/C Gap Stays

UK Current A/C Gap StaysUK Current A/C Gap Stays

As Brexit threatens to blast the UK economy, few things seem more exposed than the balance of payments, Bloomberg reported. The current-account deficit—the difference between money coming into the UK and money sent out—stood at £32.6 billion ($44 billion) in the first quarter, or 6.9% of economic output, the Office for National Statistics said on Thursday. That’s more than economists forecast and just below a record 7.2% seen in the fourth quarter of 2015. It also said the economy grew 0.4% in the first quarter, the same as previously estimated. Consumer spending grew at its fastest pace in almost a year, offsetting declines in business investment and exports.