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Key points

• The Balance of Payments Q2 2014 statistical bulletin is the first time that ONS presents the Balance of Payments and International Investment Position using the new definitions and methods set out in the Balance of Payments Manual sixth edition (BPM6). Information on the changes and impact can be found in Annex A. Data in this release are consistent with the Pink Book 2014, due to be published on 31 October 2014.
• The United Kingdom’s (UK) current account deficit was £23.1 billion in Quarter 2 2014, up from a revised deficit of £20.5 billion in Quarter 1 2014. The deficit in Quarter 2 2014 equated to 5.2% of GDP at current market prices, up from 4.7% in Quarter 1 2014.
• The widening of the current account deficit was due to a widening in the deficits on the primary and secondary income accounts, partially offset by an improved trade deficit.
• The trade deficit narrowed to £6.5 billion in Quarter 2 2014, from £7.4 billion in Quarter 1 2014, mainly due to a widespread fall in the import of services.
• The primary income deficit widened to £9.5 billion in Quarter 2 2014, from £7.1 billion in Quarter 1 2014. This was mainly due to UK private non-financial corporations profits on their direct investments abroad falling from £14.4 billion in Quarter 1 2014 to £11.7 billion in Quarter 2 2014.
• The financial account recorded net inward investment of £18.1 billion during Quarter 2 2014.
• The international investment position recorded UK net liabilities of £331.7 billion at the end of Quarter 2 2014.

Get all the tables for this publication in the data section of this publication.