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Thomas Storring	Director – Economics and Statistics
Tel: 902-424-2410	Email: thomas.storring@novascotia.ca

March 31, 2022
UK CURRENT ACCOUNT, 2021Q4

CURRENT ACCOUNT

Quarter vs quarter (2021Q4 vs 2021Q3)

Compared to the previous quarter, the United Kingdom Office of National Statistics reported that the net current account deficit narrowed by £21.6 billion to £7.3 billion.

• net goods and service deficit narrowed by £10.3 billion to £6.2 billion
• net primary income changed from a deficit to a surplus £11.7 billion to £4.7 billion
• net secondary income deficit widened by £0.4 billion to £5.8 billion

 

Year over year (2021Q4 vs 2020Q4)

Compared to the same quarter last year, the United Kingdom Office of National Statistics reported that the current account deficit narrowed by £19.5 billion.

• net goods and service deficit narrowed by £7.6 billion
• net primary income surplus changed from a deficit to a surplus £9.5 billion
• net secondary income deficit narrowed by £2.4 billion

 

GOODS AND SERVICES

Quarter vs quarter (2021Q4 vs 2021Q3)

Compared to the previous quarter, , the United Kingdom Office of National Statistics reported that exports of goods increased 15.2% (£11.7 billion) and imports of goods increased 3.8% (£4.7 billion). As a result, net goods deficit narrowed by £7.0 billion to £38.5 billion.

The United Kingdom Office of National Statistics reported that export of services increased 6.8% (£5.2 billion) and import of services increased 4.1% (£1.9 billion). As a result, net services surplus widened by £3.3 billion to £32.4 billion. 

Quarter-over-quarter (2021Q4 vs 2020Q4)

Compared to the same quarter last year, the United Kingdom Office of National Statistics reported that

• export of goods increased 10.0% (£8.1 billion) to £88.8 billion
• import of goods decreased 2.8% (£3.6 billion) to £127.3 billion
• export of services increased 5.4% (£4.2 billion) to £80.5 billion
• import of services increased 21.0% (£8.3 billion) to £48.1 billion

Source:

ONS Balance of Payments Q4 2021

Office for National Statistics |  Data 

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