The UK current account deficit increased to £14.5bn in the first quarter of 2013 from £13.6bn in Q4 2012 according to a statistical bulletin from the ONS. The Q1 deficit equals 3.6% of GDP. The trade deficit improved to £6.1bn in Q1 2013 from £8.3bn in Q4 2012.
The monthly analysis shows that income balance fell to -£2.1bn from a surplus of £1bn which had the effect of increasing net borrowing from £12.7bn to £13.9bn. A decrease in the deficits of trade in goods and services of £2.1bn and in current transfers of £0.2bn partially offset the increase.
The UK was a net borrower of £55.4bn in 2012 from £18.5bn in 2011 mainly due to the income surplus of £22.5bn in 2011 becoming a deficit of £2.3bn in 2012 mainly due to a decrease in direct investment income surplus.
Trade in goods was -£26.5bn from -£28bn in the previous quarter. Exports rose by £0.9bn while imports fell by £0.5bn. Trade in services was £20.4bn in surplus up £0.7bn on the previous quarter. Exports increased to £49.4bn while imports increased by £0.3bn to £29bn.
Transfers were £6.2bn in deficit in Q1 2013, a decrease of £0.2bn.
The capital account was £0.6bn in surplus in Q1 2013 down £0.3bnn from the previous quarter. Inward investment was £10.2bn. The UK currnet account deficit £59.2bn.
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