1. Main points

  • The deficit on the current account balance widened in 2014 to £92.9 billion. This deficit equated to 5.1% of gross domestic product (GDP) in current market prices. In both terms, this was the largest annual deficit since records began in 1948

  • In 2014, the deficit on trade in goods widened by £8.4 billion to £123.7 billion. The widening was due to a decrease in exports, partially offset by a smaller decrease in imports

  • The surplus in the trade in services balance widened by £8.1 billion, from £81.0 billion in 2013 to £89.1 billion in 2014

  • The deficit on the primary income balance widened from £16.8 billion in 2013 to £33.1 billion in 2014. The widening was mainly due to the surplus on direct investment falling from £18.8 billion in 2013 to £2.0 billion in 2014

  • The deficit on the secondary income balance narrowed by £1.6 billion, from £26.8 billion in 2013 to £25.2 billion in 2014

  • In 2014, the UK recorded a net inflow of £89.4 billion, an increase from a net inflow of £69.1 billion in 2013

  • The UK IIP showed a net liability position of £454.1 billion at the end of 2014, with reported assets totalling £10,171.7 billion and reported liabilities totalling £10,625.9 billion

Back to table of contents
View all data in this compendium

Contact details for this Compendium

Craig Taylor
bop@ons.gov.uk
Telephone: +44 (0)1633 456333