LONDON (MktNews) – The UK’s current account deficit in the fourth
quarter rose to its highest level since Q2 2009, as the trade in goods
deficit hit a record high, data released Tuesday by National Statistics
showed.
The Q4 current account deficit came in at Stg10.488 billion up from
Stg8.663 billion, in line with the median forecast of Stg10.3 billion.
The transfers shortfall increased to Stg6.087 billion in Q4, up
from Stg4.875 billion, mainly due to increased payments to EU
institutions.
The goods shortfall rose to Stg26.805 billion from Stg25.676
billion in Q3, the highest since records began in 1955. As a percentage
of GDP the deficit hit 7.3% of GDP also the highest in record.
The depreciation in Sterling seen in recent yeras had been expected
to help exporters and narrow the trade gap but this has yet to be seen
in the trade figures.
–London newsroom: 44 20 7862 7492; e-mail:drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$,MT$$$$]
