- The United Kingdom’s (UK) current account deficit was £59.2 billion in 2012, up from a deficit of £22.5 billion in 2011. The deficit in 2012 equated to 3.8% of GDP at current market prices, the highest since 1989 (4.6%).
- The trade deficit widened to £33.9 billion in 2012, from £23.3 billion in 2011.
- The income balance switched to a deficit of £2.3 billion, from a surplus of £22.5 billion in 2011.
- The financial account recorded net inward investment of £48.2 billion during 2012, up from £11.5 billion in 2011.
- The international investment position recorded UK net liabilities of £141.6 billion at the end of 2012.
Summary of balance of payments accounts, which contain 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.