Bloomberg News

U.K. Current Account Deficit Narrowed as Investment Income Grew

October 25, 2011

Oct. 25 (Bloomberg) -- Britain’s current account deficit in the second quarter narrowed to the least since the credit crisis began three years ago as returns from investments abroad increased.

The deficit narrowed to 2 billion pounds, the smallest since the first quarter of 2008, from a revised 4.1 billion pounds in the first three months of this year, the Office for National Statistics said in a release in London today. The deficit was 6.9 billion pounds a year earlier.

As a percentage of gross domestic product, the current- account deficit was minus 0.5 percent, the least since the third quarter of 1998, the statistics office said.

The statistics office revised the first-quarter current account deficit to 4.1 billion pounds from an initial figure of 9.4 billion pounds. The current-account data is normally released with the GDP report, but was delayed due to revisions carried out by the statistics office in the new Blue Book.

--With assistance from Mark Evans in London. Editor: Reed Landberg

To contact the reporter on this story: {Svenja O’Donnell} in London at sodonnell@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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