FAQ: What is the current Balance of Payments position for the UK?
Money entering the country to pay for imports, or wages interest & profits earned overseas, are credit items and have a positive sign in the BoP accounts.
Money flowing out of the country are debit items and have a negative sign
The UK runs a £93.4bn deficit on trade in goods and a £56.2 bn surplus on trade in services giving an overall Balance of trade deficit of £37.2Bn
The UK earned £27.3 Bb net income from owing assets overseas while the paying out a net £13.7Bn overseas eg in aid and EU payments.
The 2008 Balance of Payment deficit on the current account was -£23.6Bn around –2 of GDP
For further reading download the Pink Book: the ONS United Kingdom Balance of Payments. There are breakdowns and analysis of every aspect of the figures.
.
Related posts:
