The balance of payments summarises the economic transactions of the UK with the rest of the world. These transactions can be broken down into three main accounts; the current account, the capital account and the financial account.
The current account comprises of the trade in goods and services account, the income account and current transfers. A difference in the monetary value of these accounts is known as the current account balance. A current account balance is in surplus if overall credits exceed debits and in deficit if debits exceed credits.
A deficit or surplus on the current account is offset with an equal and opposite surplus or deficit on the capital and financial account. As the capital account is relatively small in comparison, the current account and financial account can be said to be counterparts.
The current account balance plus the capital account balance measures the extent to which the UK is a net lender (that is, in surplus) or net borrower (that is, in deficit). The UK has run a combined current and capital account deficit in every year since 1983 and every quarter since Quarter 1 2008.
In Quarter 2 2013, the UK was a net borrower of £11.6 billion, down from £20.8 billion in Quarter 1 2013. This was mainly due to the total income deficit narrowing from £9.2 billion in Quarter 1 2013 to £0.3 billion in Quarter 2 2013. Additionally, the deficit for trade in goods and services narrowed by £0.8 billion. Partially offsetting these was a widening in the deficit for current transfers of £0.9 billion.
The narrowing of the income deficit was mainly due to the balance on foreign direct investment switching from a deficit in Quarter 1 2013 to a surplus in Quarter 2 2013 (mainly due to increased profits by private non-financial corporation investment abroad). UK earnings on direct investment abroad increased by £7.2 billion from Quarter 1 2013 to Quarter 2 2013 while foreign earnings on direct investment in the UK decreased by £3.3 billion over the same period. Partially offsetting this was a widening of the deficit for portfolio investment by £1.4 billion to £6.8 billion. Foreign earnings on portfolio investment in the UK increased by £2.3 billion while UK earnings on portfolio investment abroad increased by £0.9 billion. The other investment income deficit increased by £0.1 billion.
The narrowing in the trade in goods deficit was mainly due to a rise of £2.5 billion in exports of goods, primarily due to exports of finished manufactured goods, which rose by £2.0 billion to £38.1 billion in Quarter 2 2013. This was partially offset by a decrease in exports of oil by £0.8 billion to £9.8 billion. Imports increased by £1.6 billion in Quarter 2 2013 mainly due to finished manufactured goods imports increasing by £1.4 billion and imports of oil by £1.0 billion, partially offset by a decrease in the import of semi-manufactured goods.
In Quarter 2 2013, the current account deficit equated to 3.2% of GDP at current market prices, compared with 5.5% in Quarter 1 2013. The deficit in trade in goods and services was equivalent to 1.4% of GDP in Quarter 2 2013, compared with 1.6% in Quarter 1 2013. The income deficit equated to 0.1% of GDP in Quarter 2 2013, compared with 2.3% in Quarter 1 2013.
In 2012, the UK was a net borrower of £56.1 billion, up from £18.5 billion in 2011. This was mainly a result of the income account switching from surplus to deficit, combined with increased deficits in trade and current transfers.
The income surplus of £22.5 billion in 2011 switched to a deficit of £2.2 billion in 2012. This was mainly due to a decrease in the direct investment income surplus, as income receipts (credits) were lower in 2012 compared with 2011 while income payments (debits) remained almost unchanged. Receipts were lower primarily due to a decrease in the earnings from private non-financial corporations.
The deficit on trade increased from £23.3 billion in 2011 to £34.6 billion in 2012. This was due to the trade in goods deficit increasing £8.6 billion to £108.7 billion and the trade in services surplus decreasing £2.8 billion to £74.1 billion.
In 2012, the current account deficit equated to 3.8% of GDP at current market prices, compared with 1.5% in 2011. The deficit in trade in goods and services was equivalent to 2.2% of GDP in 2012 compared with 1.5% in 2011, and the income deficit equated to 0.1% of GDP in 2012 compared with a surplus in 2011, which equated to 1.5%.
The current account deficit equated to 3.2% of GDP at current market prices in Quarter 2 2013, compared with 5.5% in Quarter 1 2013. The deficit on trade in goods and services was equivalent to 1.4% of GDP in Quarter 2 2013, compared with 1.6% in Quarter 1 2013. The deficit on income equated to 0.1% of GDP in Quarter 2 2013, compared with a deficit equivalent to 2.3% in Quarter 1 2013.
Table C provides an EU/non-EU breakdown of the current account. From this release data are presented on an EU28 basis, reflecting the expansion of EU membership to include Croatia.
A deficit of £20.2 billion was recorded with the EU in Quarter 2 2013, compared with a deficit of £23.0 billion in Quarter 1 2013. This decrease was due to a narrowing in the deficits on income, current transfers and an increase in the surplus of trade in services. The current account with non-EU countries showed a surplus of £7.2 billion in Quarter 2 2013, compared with a surplus of £1.2 billion in Quarter 1 2013. This increase was mainly due to a switch from deficit to surplus on income, partially offset by a widening in the current transfers deficit.
Trade in goods covers transactions in general merchandise, goods for processing, repairs on goods, goods procured in ports by carriers, and non-monetary gold. General merchandise (with some exceptions) refers to moveable goods for which real or imputed changes of ownership occur between UK residents and the rest of the world.
The trade in goods deficit in Quarter 2 2013 was £25.3 billion, compared with £26.2 billion in Quarter 1 2013. Exports rose by £2.5 billion while imports rose by £1.6 billion.
The main differences between quarters 1 and 2 were that the deficit narrowed in semi-manufactured goods by £2.0 billion to £2.4 billion and was partially offset by a widening in the deficit of oil by £1.8 billion to £3.1 billion.
Trade in services covers the provision of services by UK residents to non-residents and vice versa. It also covers transactions in goods which are not freighted out of the country in which transactions take place, for example purchases for local use by foreign forces in the UK or by UK forces abroad and purchases by tourists. Transactions in goods which are freighted into/out of the UK are included under trade in goods.
The trade in services surplus was £19.8 billion in Quarter 2 2013, a decrease of £0.1 billion from Quarter 1 2013. Exports were relatively unchanged from Quarter 1 2013 at £49.6 billion, with increases in transportation services, financial services and other business services partially offset by decreases in insurance services. Imports were also relatively unchanged, only increasing by £0.1 billion to £29.7 billion, mainly due to increases in travel services and insurance services, partially offset by a decrease in financial services and computer and information services.
The investment income account covers earnings (for example, profits, dividends and interest payments and receipts) arising from foreign investment in financial assets and liabilities. Credits are the earnings of UK residents from their investments abroad and other foreign assets. Debits are the earnings of foreign residents from their investments in the UK and other UK liabilities. The flow of investment in the financial account is recorded separately from earnings, although reinvested earnings of companies with foreign affiliates are a component of both. The total value of UK assets and liabilities held at any time is also recorded separately under the international investment position.
The income account deficit narrowed from £9.2 billion in Quarter 1 2013 to £0.3 billion in Quarter 2 2013. The change was due to income receipts (credits) rising while income payments (debits) fell. In terms of functional categories, the narrowing of the deficit was mainly due to income on direct investment switching from a deficit of £0.3 billion in Quarter 1 2013 to a surplus of £10.1 billion in Quarter 2 2013. Partially offsetting this was an increase of £1.4 billion in the portfolio investment deficit.
The deficit on compensation of employees fell in Quarter 2 2013 to £66 million.
Direct investment income switched from a deficit of £0.3 billion in Quarter 1 2013 to a surplus of £10.1 billion in Quarter 2 2013. The switch was due to receipts increasing while payments decreased. Receipts were £21.0 billion in Quarter 2 2013, £7.2 billion higher than in Quarter 1 2013. The increase was mainly due to increased profits by UK private non-financial corporations on investments abroad. Payments fell by £3.3 billion in Quarter 2 2013 to £10.9 billion. The decrease was mainly due to lower profits by foreign-owned UK monetary financial institutions and foreign owned other financial intermediaries.
Portfolio investment income recorded a deficit of £6.8 billion in Quarter 2 2013, following a deficit of £5.4 billion in Quarter 1 2013. This increase was due to a widening in the deficit of equity securities, partially offset by a narrowing of the debt securities deficit. UK earnings on portfolio investment abroad increased by £0.9 billion due to increased earnings on debt securities, partially offset by a decrease in the earnings of equity securities. Foreign earnings on portfolio investment in the UK increased by £2.3 billion, due to higher earnings on UK debt and equity securities.
The deficit on earnings from other investment increased by £0.1 billion to £3.8 billion in Quarter 2 2013. Earnings from other investment abroad rose by £0.3 billion to £6.9 billion, while earnings on other investment in the UK increased by £0.4 billion to £10.7 billion.
Transfers represent the provision (or receipt) of an economic value by one party without directly receiving (or providing) a counterpart item of economic value, in plain terms a transaction representing ‘something for nothing’ or without a quid pro quo. Transfers can be in the form of money or of goods or services provided without the expectation of payment. General government transfers include receipts, contributions and subscriptions from or to European Union (EU) institutions and other international bodies, bilateral aid and military grants.
The deficit on current transfers increased by £0.9 billion to £7.2 billion in Quarter 2 2013. It should be noted that the quarterly path of net contributions to EU institutions can be erratic.
The capital account comprises two components: capital transfers and the acquisition/disposal of non-produced, non-financial assets.
Capital transfers are those involving transfers of ownership of fixed assets, transfers of funds associated with the acquisition or disposal of fixed assets, and cancellation of liabilities by creditors without any counterparts being received in return. As with current transfers, they can be subdivided into general government transfers and other sectors transfers. The main sources of information are government departments (Department for International Development and HM Treasury) and the Bank of England. Compensation payments from the EU related to the destruction of animals to combat BSE and foot and mouth disease are also included here.
The sale/purchase of non-produced, non-financial assets covers intangibles such as patents, copyrights, franchises, leases and other transferable contracts, and goodwill; and transactions involving tangible assets that may be used or needed for the production of goods and services but have not themselves been produced, such as land and sub-soil assets. The use of such assets is recorded under trade in services as royalties and license fees; only the outright purchase or sale of such assets is recorded in the capital account.
The capital account recorded a surplus of £1.4 billion in Quarter 2 2013, an increase of £0.4 billion from Quarter 1 2013.
The financial account covers transactions which result in a change of ownership of financial assets and liabilities between UK residents and non-residents, for example, the acquisitions and disposals of foreign shares by UK residents.
The financial account showed a net inflow (that is, inward investment) of £0.8 billion in Quarter 2 2013, compared with a net inflow of £12.4 billion in Quarter 1 2013. UK investment abroad showed increased disinvestment (inflow) from £25.0 billion to £36.6 billion in Quarter 2 2013. Investment in the UK showed increased disinvestment to £35.8 billion in Quarter 2 2013 from disinvestment of £12.6 billion in Quarter 1 2013.
Direct investment recorded a net inflow (that is, inward investment) of £23.3 billion in Quarter 2 2013, a decrease from a net inflow of £59.6 billion in Quarter 1 2013.
Direct investment abroad switched in Quarter 2 2013 to investment of £3.2 billion from disinvestment of £37.6 billion in Quarter 1 2013. This was due mainly to lower disinvestment in other capital transactions and equity capital in Quarter 2 2013. Additionally, investment of reinvested earnings increased in Quarter 2 2013. On a sector basis, the switch to investment was largely due to private non-financial corporations switching from disinvestment of £41.4 billion in Quarter 1 2013 to investment of £3.2 billion in Quarter 2 2013. This was partially offset by monetary financial institutions switching from net investment of £1.9 billion to net disinvestment of £3.1 billion over the same period.
Direct investment in the UK increased by £4.5 billion in Quarter 2 2013 to £26.5 billion. The rise was mainly due to an increase in net investment in equity capital from £14.9 billion in Quarter 1 2013 to £25.2 billion in Quarter 2 2013. Partially offsetting this was a switch in other capital transactions from net investment of £4.3 billion in Quarter 1 2013 to net disinvestment of £0.6 billion in Quarter 2 2013 and lower reinvested earnings. On a sector basis, the increase in net investment was due to investment in UK private non-financial corporations increasing from net investment of £19.4 billion in Quarter 1 2013 to net investment of £22.7 billion in Quarter 2 2013. Additionally, net investment in monetary financial institutions increased from £0.3 billion to £1.2 billion in Quarter 2 2013.
Portfolio investment recorded a net outflow of £18.8 billion in Quarter 2 2013, a switch from a net inflow of £35.9 billion in Quarter 1 2013. The switch was due to debt securities switching from a net inflow of £18.0 billion in Quarter 1 2013 to a net outflow of £9.5 billion in Quarter 2 2013. Equity securities also switched from a net inflow of £17.9 billion to a net outflow of £9.3 billion in Quarter 2 2013.
Portfolio investment abroad showed net disinvestment of £14.6 billion in Quarter 2 2013, following a net disinvestment of £9.7 billion in Quarter 1 2013. The increased disinvestment was due to other financial intermediaries decreasing net investment from £25.3 billion to net investment of £14.5 billion, combined with a switch from net investment by private non-financial corporations of £7.8 billion in Quarter 1 2013 to net disinvestment of £1.8 billion in Quarter 2 2013. Partially offsetting these was a switch from net disinvestment by insurance companies and pension funds of £10.5 billion to net investment of £2.8 billion in Quarter 2 2013.
Portfolio investment in the UK showed net disinvestment of £33.4 billion in Quarter 2 2013, a switch from net investment of £26.2 billion in Quarter 1 2013. This was mainly due to a switch from net investment in UK debt securities of £26.5 billion in Quarter 1 2013 to net disinvestment of £17.0 billion in Quarter 2 2013.
Financial derivatives showed net settlement receipts of £42.0 billion in Quarter 2 2013 following net settlement receipts of £28.0 billion in Quarter 1 2013.
Other investment in Quarter 2 2013 recorded net inflows of £40.3 billion compared with net outflows of £53.7 billion in Quarter 1 2013.
Other investment abroad recorded net disinvestment of £69.3 billion in Quarter 2 2013, following net disinvestment of £7.2 billion in Quarter 1 2013. The increased net disinvestment was mainly due to UK residents short term loans switching to net repayment of £15.8 billion from net advances of £27.8 billion. Additionally UK residents net withdrawal of deposits from abroad increased from £32.5 billion in Quarter 1 2013 to £54.5 billion in Quarter 2 2013.
Other investment in the UK showed net disinvestment of £29.0 billion in Quarter 2 2013, a decrease from net disinvestment of £60.9 billion in Quarter 1 2013. This was mainly due to a switch from non-resident net repayment of short term loans with UK monetary financial institutions of £31.0 billion in Quarter 1 2013 to net borrowing of £52.2 billion in Quarter 2 2013. This was partially offset by non-resident net withdrawal of deposits with UK monetary financial institutions increasing from £29.8 billion in Quarter 1 2013 to £82.1 billion in Quarter 2 2013.
Reserve assets showed net investment of £2.2 billion in Quarter 2 2013 compared with net investment of £1.5 billion in Quarter 1 2013.
The international investment position brings together the available estimates of the levels of identified UK external assets (foreign assets owned by UK residents) and identified UK external liabilities (UK assets owned by foreign residents) at the end of each calendar period.
The international investment position showed net external liabilities (that is, liabilities exceed assets) of £60.0 billion at the end of Quarter 2 2013 compared with net external assets of £18.1 billion at the end of Quarter 1 2013. UK external assets abroad decreased by £238.3 billion from the end of Quarter 1 2013 to a level of £10,235.6 billion at the end of Quarter 2 2013. The decrease in the stock of UK external assets in Quarter 2 2013 was mainly due to a decrease in the stock of financial derivatives, other investment and portfolio investment abroad. UK external liabilities decreased by £160.2 billion in Quarter 2 2013 to a level of £10,295.7 billion. The decrease in UK external liabilities was primarily due to a decrease in the stock of financial derivative liabilities, partially offset by a rise in direct investment in the UK.
Data in this release have been revised from Quarter 1 2012. Revisions tables are included in the balance of payments reference tables (Tables R1, R2 and R3).
Trade in goods – Revisions from Quarter 1 2012 reflect revised data from HM Revenue & Customs and other data suppliers, revised estimates of trading associated with VAT Missing Trader Intra-Community (MTIC) fraud, revised survey data on trade prices and a re-assessment of seasonal factors.
Trade in services – Revisions from Quarter 1 2012 are due to updated survey information from the ONS International Trade in Services survey. With revisions also from the Bank of England and other survey and administrative sources and a reassessment of seasonal factors.
Current transfers – Revisions to current transfers are due to revised source data for transfers involving the UK government, the use of the latest data for various ONS surveys and a reassessment of seasonal factors.
Capital account – Revisions to the capital account are attributable to revised source data from HM Treasury and the ONS International Trade in Services survey.
Investment income, financial account and international investment position – Revisions from Quarter 1 2012 reflect new and revised survey data, a reassessment of coverage adjustments to data from the Bank for International Settlements and a reassessment of seasonal factors. Revisions to Quarter 1 2013 also reflect new estimates from the Bank for International Settlements.
In accordance with the National Accounts revision policy, the current revision period is open from Q1 2012.
Table C provides an EU/non-EU breakdown of the current account. From 1 September 2013 data in this release are presented on an EU28 basis, reflecting the expansion of EU membership to include Croatia.
Future revision period
The next balance of payments release, for Q3 2013, will have the revision period open from Q1 2012.
Code of Practice for Official Statistics
National Statistics are produced to high professional standards set out in the Code of Practice for Official Statistics. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. © Crown Copyright 2013.
Understanding the data
1. Short guide to Balance of Payments
A brief introduction to the United Kingdom balance of payments (64.6 Kb Pdf) provides an overview of the concepts and coverage of the UK Balance of Payments.
2. Interpreting the data
ONS and the Bank of England are reviewing the measurement of banks’ earnings on Foreign Direct Investment (FDI). The current estimates of banks’ earnings on FDI are shown on an all inclusive basis, including holding gains and losses, but FDI earnings can also be presented on a current operating performance basis, which excludes holding gains and losses. Current international standards, as defined in the fifth edition of the Balance of Payments Manual, allow presentation on either basis. The UK intends to move to a current operating performance measure when it implements the sixth edition of the Balance of Payments Manual in 2014.
Import figures for Trade in Goods include adjustments to allow for the impact of trade associated with VAT MTIC fraud. The adjustments were introduced for the first time in the UK Trade May 2003 First Release published on 9 July 2003. The adjustments are added to the EU import estimates derived from Intrastat returns.
An article explaining MTIC fraud and the impact on the trade figures (131 Kb Pdf) was published on 9 July 2003. A report on further research into MTIC fraud (137.3 Kb Pdf) was published on 17 February 2005, which summarises the work carried out to review the estimates of the impact on the trade figures.
Changes to the pattern of trading associated with MTIC fraud can make it difficult to analyse trade by commodity group and by country, as changes in the impact of activity associated with this fraud affect both imports and exports. Originally, most carousel chains only involved EU member states. From 2004 in particular, some carousel chains included non-EU countries, for example Dubai and Switzerland. However, the MTIC trade adjustments are added to the EU import estimates derived from Intrastat returns as it is this part of the chain that is not generally recorded. In particular, adjustments affect trade in capital goods and intermediate goods - these categories include mobile phones and computer components, which are still the most widely affected goods.
Figures for total exports and imports less adjustments for trade associated with VAT MTIC fraud are given in the monthly UK Trade Statistical Bulletin.
From Quarter 1 2010, ONS have included financial derivatives business of UK securities dealers in both the UK’s financial account (flows) and the international investment position (stocks). The inclusion of this data improves the sector coverage of financial derivatives which previously included only data on financial derivatives business of UK banks.
An article detailing the improvements to the coverage of derivatives within the United Kingdom Economic Accounts (51.5 Kb Pdf) was published on 25 October 2011.
Figures for the most recent periods are provisional and subject to revision in light of: (a) late and corrected responses to surveys; (b) revisions to seasonal adjustment factors which are re-estimated annually; and (c) annual benchmarking of surveys.
ONS delivered Q2 2013 flash estimates of the current account at the end of August 2013 to Eurostat solely for them to estimate aggregate euro-indicators. The same approach is followed for each quarterly delivery.
In order to comply with Regulation (EC) No 184/2005, ONS supply Eurostat and the European Central Bank with current account data for trade in services and investment income unadjusted for FISIM e.g. FISIM will not be included in trade in services but will remain in investment income. Additionally, a detailed geographical and product breakdown of trade in services is supplied to Eurostat to comply with the same regulation.
3. Definition and explanation
A glossary of terms used in the UK balance of payments is available on the ONS website.
4. Special events
An article outlining the ONS policy on special events can be found on the ONS website.
5. Use of the data
Balance of payments estimates are used by the Bank of England and the Treasury to inform decisions on monetary and fiscal policy. The Department for Business, Innovation and Skills also uses balance of payments estimates to identify international trade partners. International users include the Statistical Office for the European Union (Eurostat) and the International Monetary Fund (IMF); Eurostat uses UK figures to compile aggregate EU accounts and the IMF collate data as a means of ensuring financial stability and sustainability.
Examples of how government departments and others use balance of payments estimates are:
in providing ministerial briefing on the headline Balance of Payments and Trade statistics pre-release,
feeding data into their own regular analyses of the macro economy, and also into more ad-hoc and in-depth analyses. For example, importance of trade with particular countries or groups of countries, importance of trade in different commodities/services, identifying comparative advantage, changes in import and export prices, economic contribution from trade and income, and looking at inward and outward investment. These analyses/briefings are aimed to inform ministers/decision makers of the current/historical situation, and provide evidence for the policy debate,
balance of payments data are also of interest to a wider range of user groups including the media, researchers and other regional, national and international policy makers. Some users focus primarily on the developments in the current account and their financing, including the sustainability of the current account imbalances in the longer term and the need for policy adjustments. Others focus on an analytic presentation, classifying its standard components of balance of payments and their relationship to other components (for example, trade and direct investment, and foreign direct investment and productivity). The balance of payments allows a sector breakdown of the financial account and their relationship to domestic sources of finance.
Further details on use of the data can be found in the results of the balance of payments user engagement survey.
More detailed methodological notes for the UK balance of payments (269.1 Kb Pdf) are available on the ONS website.
1. Composition of the data
Table C provides an EU/non-EU breakdown of the current account. From 1 September 2013 data in this release are presented on an EU28 basis, reflecting the expansion of EU membership to include Croatia.
International investment position statistics are based on recording direct investments at book values and other assets and liabilities at estimated market values. These estimates are likely in some respects to be deficient in scope and coverage. Quarterly estimates tend to be less reliable because they are largely based on cumulated flows and not reported levels.
In theory, every credit entry should be matched by a corresponding debit so that total current, capital and financial account credits should be equal to, and therefore offset by, total debits. In practice there is a discrepancy termed net errors and omissions. The net errors and omissions are shown on Table A.
2. Seasonal adjustment
Current and capital accounts are seasonally adjusted. Financial account and international investment position data are not seasonally adjusted.
When compiling the geographic breakdown of income, current transfers and trade in services, the EU countries are seasonally adjusted. The non-EU seasonally adjusted figure is calculated by subtracting the seasonally adjusted EU total from the seasonally adjusted world total. Both EU and non-EU data are seasonally adjusted for trade in goods; these are aggregated to form the world total.
1. Basic quality information
Common pitfalls in interpreting series: Expectations of accuracy and reliability in early estimates are often too high. Revisions are an inevitable consequence of the trade off between timeliness and accuracy. Early estimates are based on incomplete data.
Very few statistical revisions arise as a result of ‘errors’ in the popular sense of the word. All estimates, by definition, are subject to statistical ‘error’; but in this context the word refers to the uncertainty inherent in any process or calculation that uses sampling, estimation or modelling. Most revisions reflect either the adoption of new statistical techniques, or the incorporation of new information which allows the statistical error of previous estimates to be reduced. Only rarely are there avoidable ‘errors’ such as human or system failures, and such mistakes are made quite clear when they do occur.
2. Summary Quality Report
The balance of payments Statistical Bulletin Summary Quality Report (117.6 Kb Pdf) is available on the ONS website.
3. National Accounts revisions policy
The data in this Statistical Bulletin are subject to revisions following the ONS National Accounts Revisions policy.
Estimates for the most recent quarters are provisional and, as usual, are subject to revision in light of updated source information. ONS provides analysis of past revisions in the Balance of Payments and other Statistical Bulletins which present time series.
4. Revision triangles
Revisions to data provide one indication of the reliability of key indicators. The table below show summary information on the size and direction of the revisions which have been made to the data covering a five year period. A statistical test has been applied to the average revision to find out if it is statistically significantly different from zero. An asterisk (*) shows that the test is significant.
Table 1 covers estimates first published in the balance of payments from December 2005 (2005Q3) to September 2010 (2010Q2).
|Current account (seasonally adjusted)||£ million|
|Revisions between first publication and estimates three years later|
|Value in latest period||Average over the last five years||Average over the last five years without regard to sign (average absolute revisions)|
An article analysing balance of payments current account revisions (340.2 Kb Pdf) was published in the May 2007 edition of Economic & Labour Market Review.
Details of the policy governing the release of new data are available from the Media Relations Office. Also available is a list of the organisations given pre-publication access to the contents of this bulletin.
The complete run of data in the tables of this statistical bulletin is available to view and download in electronic format through ONS Time Series Data. Users can download the complete bulletin in a choice of zipped formats, or view and then download their own sections of individual series. The Time Series Data can be accessed on the ONS website.
Further balance of payments data is available online in the quarterly ONS publication United Kingdom Economic Accounts (UKEA).
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Next Publication Date:
20 December 2013
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