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Country Economy

Balance of payments

Balance of payments. A tabulation of the credit and debit transactions of a country with foreign countries and international institutions, drawn up and published in a similar form to the income and expenditure accounts of companies. These transactions are divided into two broad groups: current account and capital account. The current account is made up of visible trade (i.e. merchandise exports and imports) and invisible trade (i.e. income and expenditure for services such as banking, insurance, tourism and shipping, together with profits earned overseas and interest payments). The balance on current account is the difference between the national income and national expenditure in the period.

U.K. Balance of Payments – 1981

Current Accounttm

Exports51,100

Imports48,087

Visible balance+ 3,013

Interest, profits, dividends

(net balance)+ 1,004

Transport

(net balance)+ 339

Government

(net balance)- 2,456

Other

(net balance)+ 4,136

Invisible balance+ 3,023

Balance on current account+ 6,036

Capital Account

Overseas investment in the U.K.+ 3,356

U.K. private investment overseas- 10,637

Official long-term capital and

other capital transactions+ 72

Includes travel, banking, insurance, royalties, etc.

(Source: U.K. Balance of Payments, 1982, H.M.S.O., London)

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