Reduction In Services Trade Surplus

The UK current account deficit on the balance of payments was £7.4bn for the second quarter of 2010 or -2% of GDP. The revised deficit for Q1 2010 was £11.3bn or -3.1% GDP. There was a deficit of £9.3bn with the EU compared with £11.2bn in Q1.

The deficit reduction was mainly due to an increase in the income surplus, partly offset by an increase in the trade in goods deficit and a reduction in the surplus on trade in services.