UK Trade Deficit Declines at Its Lowest Since 2003

The trade deficit of the United Kingdom on seasonally adjusted products and services was recorded to be at £1.1 billion during the month of December 2011. According to the Office for National Statistics, this is the smallest trade gap since April 2003 when it was only recorded at £0.9 billion. During the month of November 2011, the trade deficit was high at £2.8 billion. On the other hand, the industrial output was more than what was predicted for the month of December which has calmed down analysts and economists away from their thoughts that the country is about to get negative figures for economic growth. The industrial sector comprises about 15 percent of the country’s economy was up by 0.5 percent during the month of December which is over the 0.2 percent predictions by economists.