UK current account gap revised lower

UK’s Office for National Statistics (ONS) revised the current account gap lower to 6% of GDP from the previously reported figure of 7% of GDP.

The downward revision should ease UK’s balance of payment concerns to some extent. However, still significant improvement is required.

As per Reuters report, “current account deficit for 2015, while cut from an earlier 5.4% of GDP, was still the largest on record at 5.0%.”

The current account gap for Q2 216 was revised lower to 5.4% of GDP from the previously reported figure of 5.9%. The ONS said the revisions are to a "processing error" in how it factored in trade in gold.