Balance of Payments, Quarter 4 and Annual 2014

31 Mar 2015 01:52 PM

Key points

• The United Kingdom’s (UK) current account deficit was £25.3 billion in Quarter 4 2014, down from a revised deficit of £27.7 billion in Quarter 3 2014. The deficit in Quarter 4 2014 equated to 5.6% of GDP at current market prices, down from 6.1% in Quarter 3 2014
• The narrowing of the current account deficit was mainly due to a narrowing in the deficit on the trade account, partially offset by a widening in the deficit on the secondary income account
• The trade deficit narrowed to £6.0 billion in Quarter 4 2014, from £10.2 billion in Quarter 3 2014. This was mainly due to a narrowing in the trade in goods deficit, and an increase in the trade in services surplus
• The secondary income deficit widened to £7.6 billion in Quarter 4 2014, from £5.3 billion in Quarter 3 2014. This was due to the deficit in general government increasing by £2.3 billion in Quarter 4 2014
• The financial account recorded net inward investment of £27.3 billion during Quarter 4 2014
• The international investment position recorded UK net liabilities of £354.7 billion at the end of Quarter 4 2014
• In 2014, the UK’s current account deficit was £97.9 billion, up from a deficit of £76.7 billion in 2013. The deficit in 2014 equated to 5.5% of GDP at current market prices. This was the largest annual deficit as a percentage of GDP at current market prices since annual records began in 1948

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