Data Starter: UK current account on Balance of Payments

How big was the UK's current account deficit in 2023?

Click on the Trading Economics 25 year chart and then answer these questions:

1. Identify the years when the UK had the smallest and largest annual current account deficit as a % of GDP in the last 25 years.
2. If the UK’s GDP in 2023 was £2,687 billion, calculate the current account deficit in £s for 2023.
3. The ONS has the UK’s current account deficit as –2.0% of GDP and £53.3bn for 2023 in its Pink Book. Do you think this is a more or less reliable source of data than Trading Economics?