RTTNews - The UK recorded a current account deficit of GBP 8.5 billion in the first quarter, down from a deficit of GBP 8.8 billion in the fourth quarter, the Office of National Statistics said Tuesday. Economists expected the deficit to be GBP 6.7 billion. The current account deficit was equivalent to 2.5% of GDP in the first quarter compared to 2.4% in the fourth quarter.

During the first quarter, the surplus in the income account increased to GBP 3.5 billion from GBP 0.2 billion in the previous quarter, while the deficit in the goods account narrowed by GBP 1.5 billion to GBP 20.8 billion.

At the same time, the surplus in the services account decreased by GBP 3.7 billion to GBP 12.6 billion,while the deficit in the current transfers account increased by GBP 0.9 billion to GBP 3.8 billion.

Meanwhile, the international investment position showed net external assets decreased to GBP 77.8 billion in the first quarter from GBP 92.9 in the fourth quarter.

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