Many African and American economies have current account deficits
Current account balance as a ratio to gross domestic product, percentage, 2023
In 2023, for many economies in the Americas, in Africa, and in South and South-Eastern Europe, payments made for transactions with other economies exceeded their receipts earned, leading to negative current account balances. On the contrary, most economies in Asia and Oceania recorded current account surpluses or relatively small deficits.
The highest current account surplus relative to gross domestic product (GDP) – 47 per cent in 2023 – was recorded in China’s Special Administrative Region Macao. Kuwait ranked second, marking a surplus at 33 per cent of its GDP. Thereafter, Papua New Guinea, Djibouti and Singapore all reported surpluses of over 20 per cent. The highest current account deficits in proportion to GDP were observed in Kyrgyzstan, Palau and Dominica.
In absolute terms, the United States of America ($905 billion), the United Kingdom ($110 billion), and Türkiye ($45 billion) ran the world's largest current account deficits in 2023. Germany ($279 billion) recorded the largest absolute surplus, followed by China ($253 billion), and Japan ($151 billion).