Tuesday 30 June 2009

DATA SNAP: UK Current Account Deficit Narrowed In 1Q

DATA SNAP: UK Current Account Deficit Narrowed In 1Q

By Paul Hannon


LONDON (Dow Jones)--The U.K.'s current account deficit narrowed in the first quarter of 2009 as the income businesses earned from their overseas operations increased.

The Office for National Statistics Tuesday said the current account deficit for the first three months of the year fell to GBP8.5 billion from GBP8.8 billion in the final quarter of last year. That latter figure was revised wider from GBP7.6 billion.

The deficit was wider than expected, with economists surveyed last week having estimated it at GBP6.9 billion.

As a share of economic output, the deficit rose to 2.5% of gross domestic product from 2.4% of GDP.

The surplus on investment income rose to GBP3.5 billion from GBP0.2 billion in the fourth quarter, while the deficit on the trade in goods fell to GBP20.8 billion from GBP22.3 billion.

However, the surplus on the trade in services fell to GBP12.6 billion from GBP16.3 billion.

-Paul Hannon, Dow Jones Newswires, +44 20 7842 9491, paul.hannon@dowjones.com

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(END) Dow Jones Newswires

June 30, 2009 04:36 ET (08:36 GMT)

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