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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

September 29, 2023

Quarter vs quarter (2023 Q2 vs 2023 Q1)

Compared to the previous quarter, the United Kingdom Office of National Statistics reported that the net current account deficit grew by £10.1 billion to £25.3 billion.

  • Goods  deficit narrowed by £1.6 billion to £48.1 billion
  • Services surplus declined £3.9 billion to £38.2 billion
  • net primary income deficit grew by £7.0 billion to £10.3 billion
  • net secondary income deficit increased by £0.8 billion to £5.0 billion

Exports of goods decreased 1.7% (£1.7 billion) and imports of goods decreased 2.2% (£3.4 billion). As a result, net goods deficit narrowed by £1.6 billion to £48.1 billion.

Exports of services decreased 0.9% (£1.0 billion) and imports of services increased 3.8% (£2.9 billion). As a result, net services surplus decreased by £3.9 billion to £38.2 billion. 

Primary income receipts increased 1.0% (£931 million) and primary income payments increased 8.4% (£8.0 billion). As a result, the primary income deficit widened by £7.0 billion to £10.3 billion.

Secondary income receipts increased 5.6% (£425 million) and secondary income payments increased 10.7% (£1.3 billion). As a result, the secondary income deficit widened by £835 million to £5.0 billion.



ONS Balance of Payments

Office for National Statistics |  Data 

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