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March 28, 2024UK CURRENT ACCOUNT, Q4 AND ANNUAL 2023 Quarter vs quarter (Q4 2023 vs Q3 2023)
Compared to the previous quarter, the United Kingdom Office of National Statistics reported that the current account deficit widened by £2.7 billion to £21.2 billion.
- Goods deficit narrowed by £1.3 billion to £43.8 billion
- Services surplus narrowed £1.9 billion to £36.5 billion
- Primary income deficit widened by £1.6 billion to £8.5 billion
- Secondary income deficit widened by £434 million to £5.3 billion
Goods exports increased 2.3% (£2.2 billion) and imports of goods increased 0.7% (£0.9 billion). As a result, the goods deficit narrowed by £1.3 billion to £43.8 billion.
Exports of services decreased 0.2% (£0.3 billion) and imports of services increased 2.1% (£1.7 billion). As a result, the services surplus decreased by £1.9 billion to £36.5 billion.
Primary income receipts increased 1.1% (£1.1 billion) and primary income payments increased 2.5% (£2.7 billion). As a result, the primary income deficit widened by £1.9 billion to £8.5 billion.
Secondary income receipts increased 4.0 % (£0.3 billion) and secondary income payments increased 5.9% (£0.8 billion). As a result, the secondary income deficit widened by £434 million to £5.3 billion.
ANNUAL 2023 vs 2022
Compared to 2022, the United Kingdom Office of National Statistics reported that the current account deficit widened by £11.3 billion to £88.5 billion in 2023.
- Goods deficit narrowed by £30.3 billion to £186.7 billion
- Services surplus widened £3.1 billion to £153.3 billion
- Primary income balance declined from a £12.4 surplus in 2022 to a £34.9 billion deficit
- Secondary income deficit narrowed by £2.4 million to £20.3 billion
Source:
ONS Balance of Payments
Office for National Statistics | Data
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