Balance Of Payments UK - January To March 2024

28th June 2024

The underlying UK current account deficit, excluding precious metals, narrowed by £2.5 billion to £23.8 billion, or 3.5% of gross domestic product (GDP), in Quarter 1 (Jan to Mar) 2024.

The UK current account deficit, when trade in precious metals is included, narrowed to £21.0 billion, or 3.1% of GDP.

The total trade deficit, excluding precious metals, narrowed to £6.2 billion, as the goods deficit narrowed to £44.6 billion, and services surplus expanded to £38.5 billion.

The primary income account deficit widened to £10.9 billion, or 1.6% of GDP.

The UK recorded a net financial inflow of £1.2 billion, down from a £8.8 billion inflow in the previous quarter, as portfolio investment outflows increased.

The preliminary estimate of the UK's net international investment liability position at 31 March 2024 was £706.0 billion.

Read the full ONS report HERE