The underlying UK current account deficit excluding precious metals increased by £7.1 billion to £28.5 billion, or 4.2% of gross domestic product (GDP), in Quarter 2 (Apr to June) 2023. The UK current account deficit expanded to £25.3 billion, or 3.7 % of GDP, when trade in precious metals is included. In Quarter 2 2023, the total trade deficit excluding precious metals narrowed to £13.1 billion as the goods deficit narrowed to £51.3 and the services surplus narrowed to £38.2 billion. The primary income account recorded a deficit position of £10.3 billion, or 1.5% of GDP. Net financial flows increased in Quarter 2 ... (full story)