There are four components of to the Balance of Payments:
Above is up to date BOP data.. You can see the the UK's Current account is negative, the value of imports is greater than the value of exports.
As you can see from the above graph the UK's deficit has increased over the last few years. Watch this video HERE from Sky News about the UK's Balance of Payments....
Unit 2 requires you to think about the following things in relation to the Balance of Payments:
Components of Current Account
- Trade in goods
- Trade in services
- Total income (e.g. investment income)
- Total current transfers
In Unit 2 you only need to concentrate of the current account; trade in goods and trade in services.
Above is up to date BOP data.. You can see the the UK's Current account is negative, the value of imports is greater than the value of exports.
As you can see from the above graph the UK's deficit has increased over the last few years. Watch this video HERE from Sky News about the UK's Balance of Payments....
Unit 2 requires you to think about the following things in relation to the Balance of Payments:
- Causes of a deficit or surplus
- Solutions to a deficit or surplus
- And evaluative points such as whether a persistent deficit is a problem?
Look at these links and make some notes!
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