The U.K. current account balance registered a shortfall of GBP 9.4 billion in the first quarter, down from a revised GBP 13 billion deficit in the previous quarter, data released by the Office for National Statistics showed Tuesday.
The first quarter balance was equivalent to negative 2.5 percent of GDP.
The deficit in goods trade fell by GBP 5 billion to GBP 22.2 billion and the surplus on trade in services rose by GB 0.8 billion to GBP 13.8 billion. At the same time, the deficit on current transfers decreased GBP 0.7 billion to GBP 5.5 billion.
On the other hand, the income surplus decreased by GBP 2.8 billion to GBP 4.6 billion.
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