The U.K.'s National Statistics Office (ONS) released its current account data for the U.K. on Wednesday. The U.K. current account deficit narrowed to £16.8 billion in the second quarter from £24.0 billion in the first quarter. The first quarter's figure was revised up from a deficit of £26.6 billion.

Analysts had expected the current account deficit to decrease to £22.25 billion.

The second quarter's current account deficit amounted to 3.6% of GDP, the lowest share of GDP in two years.

Declines in the current account deficit were driven by a drop in the deficit on the trade account and a decline in the deficit on the primary income account.