UK trading deficit worsens in 2015


Britain’s trading position with the rest of the world deteriorated in 2015. The UK’s current account deficit was £96.2 billion, up from a deficit of £92.5 billion in 2014. 


The deficit in 2015 equated to 5.2% of GDP at current market prices. That's the largest annual deficit as a percentage of GDP since annual records began in 1948, the Office for National Statistics said.


The trade in services surplus at £88.68 billion was down marginally on the 2014 figure of £88.74 billion.


Meanwhile the trade in goods deficit worsened to £125.35 billion from £123.14 billion in 2014. 


Imports of goods fell by £6.01 billion to £410.87 billion, but exports of goods fell by £8.22 billion to £285.52 billion.


A current account deficit of £106.43 billion was recorded with the EU in 2015, compared with a deficit of £103.78 billion the year before. The deficit on trade and services widened to £67.76 billion as a result of a widening in the trade deficit to £88.68 billion. 


Last year, the current account with non-EU countries showed a smaller surplus of £10.2 billion compared with a surplus of £11.31 billion in 2014.


www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/balanceofpayments/octtodecandannual2015