Many African and American economies have current account deficits
Current account balance as a ratio to gross domestic product, percentage, 2024
In 2024, for many economies in the Americas, Africa, and South and South-Eastern Europe, payments made for transactions with other economies exceeded their receipts earned, leading to negative current account balances. Most economies in Asia recorded current account surpluses or relatively small deficits.
The highest current account surplus relative to gross domestic product (GDP), 29% in 2024, was recorded in Kuwait. China’s Special Administrative Region Macao ranked second, marking a surplus at 28% of its GDP. Thereafter, Singapore recorded an 18% surplus, followed by Qatar and Ireland with 17%. The highest current account deficits in proportion to GDP were observed in Kyrgyzstan, Palau and Timor-Leste.
In absolute terms, the United States of America ($1 185 billion), the United Kingdom ($97 billion), the United Kingdom ($97 billion), and Brazil ($61 billion) ran the world's largest current account deficits in 2024. China recorded the largest absolute surplus ($424 billion), followed by Germany ($264 billion), and Japan ($194 billion).