Balance of payments, UK - July to September 2023

23rd December 2023

The underlying UK current account deficit excluding precious metals narrowed by £9.1 billion to £19.1 billion, or 2.8% of gross domestic product (GDP), in Quarter 3 (July to September) 2023.

The UK current account deficit, when trade in precious metals is included, fell to £17.2 billion, or 2.5% of GDP in Quarter 3 2023.

The total trade deficit excluding precious metals narrowed to £7.1 billion (1.0% of GDP) in Quarter 3 2023, as the goods deficit narrowed to £46.2 billion, and the services surplus expanded to £39.1 billion.

The primary income account deficit narrowed to £7.1 billion, or 1.0% of GDP, in Quarter 3 2023 as a result of credits increasing more than debits.

The UK recorded a net financial inflow of £20.8 billion in Quarter 3 2023, down from a £26.1 billion inflow the previous quarter.

The UK's net international investment liability position narrowed to £706.3 billion in the three months to 30 September 2023, from £782.8 billion as of 30 June 2023.

Read the full report HERE