FINANCIAL services boosted the economy in the third quarter with soaring exports, the Office for National Statistics confirmed yesterday.
Insurance and financial services recorded a trade surplus of £10.3bn between July and September, up from £9.1bn in the previous quarter, underlining the importance of the sector to any economic recovery.
Imports rose slightly to £3.9bn, whilst exports soared 9.2 per cent on the quarter to £14.3bn
“The UK trade surplus in 2010 of £35.7bn in financial services and £7.4bn in professional services exceeded that of all other sectors in the UK,” said TheCityUK. “These trade surpluses help offset the large trade deficits in goods of £99bn and travel of £11bn.”
Communications hit a record surplus, of £540m in quarter three 2011.
However, the overall current account deficit hit £15.2bn in the three-month period, up from £12.5bn in the same quarter of 2010 and the highest level since records began.
Such a deficit accounts for four per cent of GDP – the highest proportion since the second quarter of 1990.
The deficit in oil hit a new record, rising from £2.2bn to £4.1bn on the quarter, led by falling exports.