The total trade deficit narrowed to £4.8 billion in Quarter 4 2016, following a sharp widening of the deficit in Quarter 3 2016 (£14.8 billion); this narrowing was predominantly due to an increase in the exports of goods of £7.6 billion. The primary income deficit narrowed from £4.3 billion in Quarter 3 2016 to a three year low of £1.0 billion in Quarter 4 2016; this is due mainly to the surplus on direct investment balance widening to £6.3 billion along with the deficit on portfolio investment balance narrowing to £4.6 billion in Quarter 4 2016.
UK Current Account deficit narrowed to 12.1 billion pounds
The UK’s current account deficit was £12.1 billion in Quarter 4 (Oct to Dec) 2016, a narrowing of £13.6 billion from a revised deficit of £25.7 billion in Quarter 3 2016, due predominantly to a sharp narrowing in the deficit on Trade; the deficit in Quarter 4 equated to 2.4% of gross domestic product (GDP) at current market prices, down from 5.3% in Quarter 3.
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