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Release: Balance of Payments, Q2 2013

Released: 26 September 2013 Next edition: 20 December 2013


Marilyn Thomas

Balance of Payments

Telephone: +44 (0)1633 455708

Categories: Economy, National Accounts, Balance of Payments

Frequency of release: Quarterly

Language: English

Geographical coverage: UK

Geographical breakdown: UK

  • The United Kingdom’s (UK) current account deficit was £13.0 billion in Quarter 2 2013, down from a revised deficit of £21.8 billion in Quarter 1 2013. The deficit in Quarter 2 2013 equated to 3.2% of GDP at current market prices, down from 5.5% in Quarter 1 2013.

  • The trade deficit narrowed to £5.5 billion in Quarter 2 2013, from £6.3 billion in Quarter 1 2013. 

  • The income deficit decreased to £0.3 billion in Quarter 2 2013, from £9.2 billion in Quarter 1 2013. 

  • The financial account recorded net inward investment of £0.8 billion during Quarter 2 2013. 

  • The international investment position recorded UK net liabilities of £60.0 billion at the end of Quarter 2 2013. 

  • In 2012, the UK’s current account deficit was £59.8 billion. 

  • This publication includes the reinstatement of the geographical breakdown (Table C) that was unavailable in the 2013 Quarter 1 Balance of Payments release published on 27 June 2013. ONS apologies again for this delay, which was required to complete sufficient quality assurance of these data.
Contains summary of balance of payments accounts and detailed statistics for the current account including - trade in goods and services, income, current and capital transfers, transactions in UK external assets and liabilities, and levels of identified assets and liabilities.

The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the Code of Practice for Official Statistics.

Designation can be broadly interpreted to mean that the statistics:

  • meet identified user needs;
  • are well explained and readily accessible;
  • are produced according to sound methods; and
  • are managed impartially and objectively in the public interest.

Once statistics have been designated as National Statistics it is a statutory requirement that the Code of Practice shall continue to be observed.

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