THE UK BY NUMBERS TRADE AND ECONOMY
We present an at-a-glance overview of key topics. This issue our focus is on trade and the economy. Statistics from the Office for National Statistics (ONS)
TRADE DEFICIT
The UK’s total trade deficit (goods and services) widened by £2.3 billion between February and March 2017 to £4.9 billion, contributing nearly half of the quarterly deficit.
£2.3 billion TRADE PARTNERS
Between Quarter 4 (Oct to Dec) 2016 and Quarter 1 (Jan to March) 2017, the total trade deficit (goods and services) widened by £5.7 billion to £10.5 billion; this followed a sharp narrowing in Quarter 4 2016.
BALANCE OF PAYMENTS £m
5000 0
In 2016, nearly 50% of all UK exports of goods went to just 6 countries: the US, Germany, France, *Netherlands, Republic of Ireland and China. The US is our biggest export partner, receiving 15.7% of all UK exported goods.
The UK’s largest import partner was Germany in 2016, supplying 14.8% of all goods imported to the UK. Similar to exports, over 50% of the UK’s imports of goods come from 6 countries: Germany, China, United States, Netherlands, France and Belgium.
-5000 -10000 -15000 -20000
Total imports increased by £2.9 billion between February and March 2017, with an increase in imports of goods from both EU and non-EU countries.
balance of payments: Trade in goods and services: total balance: CP SA £m
*An estimated Gross Domestic Product (GDP) 50 per cent of all goods exports to the Netherlands were re- exported to non-EU countries
Slower growth in Quarter 1 2017 was mainly due to services, which grew by 0.3% compared with growth of 0.8% in Quarter 4 (Oct to Dec) 2016.
Production, construction and agriculture grew by 0.3%, 0.2% and 0.3% respectively in Quarter 1 2017.
In Quarter 1 2017 there were falls in several important consumer-focused industries, such as retail sales and accommodation; this was due in part to prices increasing more than spending.
GDP per head was estimated to have increased by 0.1% during Quarter 1 2017.
UK gross domestic product (GDP) was estimated to have increased by 0.3% in Quarter 1 (Jan to Mar) 2017, the slowest rate of growth since Quarter 1 2016.
1955 Q1
1971 Q1
1987 Q1
2003 Q1
2016 Q4
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