UK economy grows faster that estimated

The current account deficit was 26.5 billion for the first quarter, down from 28.5 billion recorded in the forth quarter last year. Other key points include:

• The narrowing of the current account deficit was due to a narrowing in the deficit on the secondary income account and the primary income account, partially offset by a widening in the deficit on the trade account.
• The secondary income deficit narrowed to £5.5 billion in Quarter 1 (Jan to Mar) 2015, from £7.7 billion in Quarter 4 (Oct to Dec) 2014. This was mainly due to the deficit in general government narrowing by £2.0 billion, to £4.5 billion in Quarter 1 (Jan to Mar) 2015.
• The trade deficit widened to £7.5 billion in Quarter 1 (Jan to Mar) 2015, from £6.9 billion in Quarter 4 (Oct to Dec) 2014. This was due to a slight widening in the trade in goods deficit, and a slight narrowing in the trade in services surplus.
• The financial account recorded net inward investment of £24.3 billion during Quarter 1 (Jan to Mar) 2015.
• The international investment position recorded UK net liabilities of £289.3 billion at the end of Quarter 1 (Jan to Mar) 2015.

The full report can be obtained here.