The Balance of Trade in Services Flashcards
What type of economy is the UK characterized as?
Post-industrial economy
Which sector dominates the UK economy?
Service sector
What is the contribution of services to the UK’s economic activity?
Significant contribution
What does the balance of trade in services often show?
Surplus
What are key drivers of the UK’s trade surplus?
High-value services like financial services, insurance, and intellectual property
What was the UK trade balance surplus in services for 2023?
£151.3 billion (6.0% of GDP)
What was the balance of trade in travel for the UK in 2023?
Deficit of £22.2 billion (0.8% of GDP)
What was the surplus in the balance of trade in financial services for the UK in 2023?
£73.2 billion (2.7% of GDP)
What was the balance of trade in intellectual property for the UK in 2023?
Surplus of £4.9 billion (0.2% of GDP)
What was the total surplus in the balance of trade in all services for the UK in 2023?
£172.6 billion (6.3% of GDP)
What was the estimated trade in services surplus for the UK in November 2024?
Approximately £40 billion
What was the surplus from financial services in the 2013 balance of trade in services?
£38.1 billion
What was the surplus from insurance and pension services in the 2013 balance of trade in services?
£20.4 billion
What was the deficit in the balance of trade in travel in 2013?
-£7.5 billion
What was the surplus from transport services in the 2013 balance of trade in services?
£1.7 billion
