The U.K.'s National Statistics Office (ONS) released its current account data for the U.K. on Tuesday. The U.K. current account deficit narrowed to £26.5 billion in the first quarter from £28.93 billion in the fourth quarter. The fourth quarter's figure was revised down from a deficit of £25.3 billion.

Analysts had expected the current account deficit to decrease to £23.25 billion.

The first quarter's current account deficit amounted to 5.8% of GDP, after 6.4% of GDP in the fourth quarter.

Declines in the deficit on the secondary income account and the primary income account partially offset a rise in the deficit on the trade account.