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%.