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Release: Balance of Payments, Q1 2013

Released: 27 June 2013 Next edition: 26 September 2013

Contact

Marilyn Thomas

Balance of Payments

bop@ons.gsi.gov.uk

Telephone: +44 (0)1633 455708

Categories: Economy, National Accounts, Balance of Payments

Frequency of release: Quarterly

Language: English

Geographical coverage: UK

Geographical breakdown: UK and GB

  • The United Kingdom’s (UK) current account deficit was £14.5 billion in Quarter 1 2013, up from a revised deficit of £13.6 billion in the previous quarter. The deficit in Quarter 1 2013 equated to 3.6% of GDP at current market prices, up from 3.5% in the previous quarter.

  • The trade deficit narrowed to £6.1 billion in Quarter 1 2013, from £8.3 billion in the previous quarter.

  • The income balance switched to a deficit of £2.1 billion, from a surplus of £1.0 billion in Quarter 4 2012.

  • The financial account recorded net inward investment of £10.2 billion during Quarter 1 2013.

  • The international investment position recorded UK net assets of £5.7 billion at the end of Quarter 1 2013.

  • In 2012, the UK’s current account deficit was £59.2 billion.

  • As previously announced, the Quarter 1 2013 Balance of Payments Statistical Bulletin does not include a geographical breakdown (Table C). ONS apologises for any inconvenience this may cause. A geographical breakdown will be available to coincide with the publication of the annual Balance of Payments (Pink Book) on 31 July 2013.

Contains summary of balance of payments accounts and detailed statistics for the current account including - trade in goods and services, income, current and capital transfers, transactions in UK external assets and liabilities, and levels of identified assets and liabilities.

The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the Code of Practice for Official Statistics.

Designation can be broadly interpreted to mean that the statistics:

  • meet identified user needs;
  • are well explained and readily accessible;
  • are produced according to sound methods; and
  • are managed impartially and objectively in the public interest.

Once statistics have been designated as National Statistics it is a statutory requirement that the Code of Practice shall continue to be observed.

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