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MNI BRIEF: UK Q4 Current Acc Narrows; Primary Income Surplus

(MNI) London

The UK current account gap narrowed to GBP7.300 billion from an upwardly-revised GBP28.917 billion (initially reported at GBP24.444 billion three months ago), the Office for National Statistics said Thursday. That takes the deficit to 1.2% of GDP, the lowest since Q4 2019, from 4.9% in the third quarter.

Primary income swung to a surplus of GBP4.670 billion, the first time in the black since Q4 2011, as earnings on overseas investments — particularly in the oil sector — outpaced foreigners’ earnings on UK assets.

Excluding non-monetary gold, the deficit declined to GBP11.4 billion (1.9% of GDP) from GBP26.1 billion in the third quarter.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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