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Release: Balance of Payments, Q1 2014

Released: 27 June 2014 (Latest) Next edition: 30 September 2014

Contact

Craig Taylor

Balance of Payments

bop@ons.gsi.gov.uk

Telephone: +44 (0)1633 456333

Categories: Economy, National Accounts, Balance of Payments, Capital Account for Balance of Payments, Current Accounts for Balance of Payments, External Debt Statement, Financial Account Flows, Geographical Analysis of Balance of Payments, International Investment Position

Frequency of release: Quarterly

Language: English

Geographical coverage: UK

Geographical breakdown: UK

  • The United Kingdom’s (UK) current account deficit was £18.5 billion in Quarter 1 2014, down from a revised deficit of £23.5 billion in Quarter 4 2013. The deficit in Quarter 1 2014 equated to 4.4% of GDP at current market prices, down from 5.7% in Quarter 4 2013.
  • The narrowing of the current account deficit was due to all three components improving.
  • The trade deficit narrowed to £5.5 billion in Quarter 1 2014, from £7.1 billion in Quarter 4 2013.
  • The income deficit narrowed to £7.4 billion in Quarter 1 2014, from £9.5 billion in Quarter 4 2013.
  • The current transfers deficit narrowed by £1.3 billion to £5.6 billion in Quarter 1 2014.
  • The financial account recorded net inward investment of £8.9 billion during Quarter 1 2014.
  • The international investment position recorded UK net liabilities of £81.8 billion at the end of Quarter 1 2014.
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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