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UK's current account deficit widened to GBP 11.4 billion in the second quarter from GBP 4.1 billion in the first quarter, the Office for National Statistics said Tuesday. Economists expected a deficit of GBP 7.8 billion.
The second quarter deficit is equivalent to 3.3% of GDP compared to 1.2% in the first quarter. The country has been recording current account deficit since the third quarter of 1998, the ONS said.
During the second quarter, the services account surplus decreased by GBP 2.1 billion from the first quarter to GBP 11.3 billion and the income surplus fell by GBP 5.6 billion to GBP 1.4 billion. Further, the deficit in the current transfers account increased by GBP 0.5 billion to GBP 4.2 billion. However, the goods account deficit decreased by GBP 0.9 billion to GBP 19.9 billion.
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