Balance Of Payments, UK - October To December 2023

29th March 2024

The underlying UK current account deficit excluding precious metals expanded to £26.3 billion, or 3.9% of gross domestic product (GDP), in Quarter 4 (Oct to Dec) 2023, a widening of £5.9 billion from Quarter 3 (July to Sept) 2023.

The UK current account deficit when trade in precious metals is included, increased to £21.2 billion, or 3.1 % of GDP.

The total trade deficit excluding precious metals expanded by £3.9 billion to £12.5 billion (1.8% of GDP) as the goods deficit widened to £49.0 billion and services surplus narrowed to £36.5 billion in Quarter 4 2023.

The primary income account deficit widened to £8.5 billion, or 1.3% of GDP, in Quarter 4 2023 as debits increased more than credits.

The UK recorded a net financial inflow of £8.8 billion in Quarter 4 2023, down from a £26.8 billion inflow in the previous quarter as portfolio investment moved to a net outflow.

The preliminary estimate of the UK's net international investment liability position at 31 December 2023 was £825.0 billion.

Read the full ONS report HERE