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Release: Balance of Payments, Q4 and annual 2012

Released: 27 March 2013 Next edition: 27 June 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 £14.0 billion in the fourth quarter of 2012, down from a revised deficit of £15.1 billion in the previous quarter. The deficit in the fourth quarter equated to 3.6% of GDP at current market prices, down from 3.9% in the previous quarter.

  • The trade deficit widened to £9.6 billion in the fourth quarter of 2012, from £8.1 billion in the previous quarter.

  • The income balance switched to a surplus of £2.1 billion, from a deficit of £1.4 billion in the third quarter of 2012.

  • The financial account recorded net inward investment of £19.2 billion during the fourth quarter of 2012.

  • The international investment position recorded UK net liabilities of £544.0 billion at the end of the fourth quarter of 2012.

  • In 2012, the UK’s current account deficit was £57.7 billion.

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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