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Oliver Sutton

Uk Current Account Defecit

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-13bn (expected -11.2bn)

Last qtr revised from -14.5bn to -21.8bn ?

GBP/USD slips lower after U.K. GDP, current account data

Official data showed that U.K. gross domestic product expanded by 0.7% in the second quarter, in line with market expectations.

On a yearly basis, the report showed however that the U.K. GDP rose 1.3% in the three months to June, compared to expectations for a 1.5% increase.

A separate report showed that the U.K. current account deficit narrowed less-than-expected in the last quarter, improving to GBP13 billion from a deficit of GBP21.8 billion in the three months to March.

Analysts had expected the current account deficit to narrow to GBP12 billion in the second quarter.

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A reminder that the current account deficit is not to be confused with the trade deficit (although the trade balance forms part of the CA balance).

In Q2 2013 the trade deficit was £5.5bn, which is a considerable improvement on most quarters over the past couple of years (Q4 2011 is the only exception).

The biggest component of the current account imbalance in Q2 was 'current transfers' which recorded a deficit of £7.2bn, the largest ever. Of this figure HM Government was responsible for a £5.3bn deficit. This deficit is caused principally by transfers to the EU and also foreign aid payments.

Edit: for clarity.

Edited by FreeTrader

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A reminder that the current account deficit is not to be confused with the trade deficit (although the trade balance forms part of the CA balance).

In Q2 2013 the trade deficit was £5.5bn, which is a considerable improvement on most quarters over the past couple of years (Q4 2011 is the only exception).

The biggest component of the current account imbalance in Q2 was 'current transfers' which recorded a deficit of £7.2bn, the largest ever. Of this figure HM Government was responsible for a £5.3bn deficit. This deficit is caused principally by transfers to the EU and also foreign aid payments.

Edit: for clarity.

Thanks for that. Knew there was a difference but not that much,

Not sure there's been much of a recovery in the UK trade balance though.

wrpc.jpg

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