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

June 30, 2020
UK CURRENT ACCOUNTS, Q1 2020

The United Kingdom the Office of National Statistics reported that in 2020Q1, the Current account deficit widened by £11.9 billions to £21.1 billion over 2019Q4

  • Net Goods and Services trade deficit changed £9.6 billions to £1.2 billion over 2019Q4, and narrowed by 94.5% (£20.7 billions) over 2019Q1.
  • Net Goods trade deficit widened by £13.9 billions to £29.3 billion over 2019Q4, and narrowed by 40.7% (£20.1 billions) over 2019Q1.
  • Net Services trade surplus widened by £4.3 billions to £28.1 billion over 2019Q4, and widened 0.0% (£0.6 billions) over 2019Q1.
  • Primary Income deficit widened by £2.4 billions to £13.6 billion over 2019Q4, and widened 104.5% (£7.0 billions) over 2019Q1.
  • Secondary Income deficit narrowed by £0.03 billions to £6.3 billion over 2019Q4, and narrowed by 12.0% (£0.9 billions) over 2019Q1.

Exports of Goods decreased 19.2% (£19.6 billions) over 2019Q4, and decreased 8.5% (£7 .6 billions) over 2019Q1, to £82.3 billion. Imports of Goods decreased 4.9% (£5.7 billions) over 2019Q4, and decreased 19.9% (£27 .7 billions) over 2019Q1, to £111.6 billion.  As a result, Goods trade deficit widened by £13.9 billions to £29.3 billion.

Exports of Services decreased 8.0% (£6.8 billions) over 2019Q4, and decreased 2.7% (£2.1 billions) over 2019Q1, to £77.3 billion.  Imports of Services decreased 18.4% (£11.1 billions) over 2019Q4, and decreased 5.3% (£2.8 billions) over 2019Q1, to £49.2 billion.  As a result, Services trade surplus widened by £4.3 billions to £28.1 billion.

The UK's Current Account Balance Share of GDP widened by 2.1 percentage points to 3.8% over 2019Q4. 



Source:
Office for National Statistics |  Data

 



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