UK trade deficit biggest since 2008

Jessica TranterLast Update : Tuesday 10 May 2016 - 12:23 PM
UK trade deficit biggest since 2008

UK trade deficit biggest since 2008

Container ship heading to ChinaImage copyright Reuters

The UK’s trade deficit is at its biggest since 2008, figures show.

The gap for the first three months of 2016 stands at £13.3bn, an eight-year high, and up from £12.2bn in the fourth quarter of 2015, according to the Office for National Statistics.

Analysts said this was more evidence of the weight of global economic weakness on the UK. One described the figures as “truly horrible”.

Economic growth has already slowed to 0.4% in the first quarter.

“A truly horrible first quarter trade performance that clearly weighed down on GDP growth,” said Howard Archer from IHS Global Insight.

Source: BBC Business

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2016-05-10 2016-05-10
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Jessica Tranter