Friday, 2 January 2015

UK Sectoral Balances - Q3 2014

I've updated the spreadsheets with the latest UK Q3 data from the national accounts and as we can see the domestic private sector is almost in balance with a greater %age of GDP in the error residual than net saved by the domestic private sector:
Even more strongly than last quarter each sector within the domestic economy is running a 'balanced budget' - leaving the government sector to provide the offset for foreign net savings in Sterling. Obviously it is important to point out that these are aggregate figures, and that can hide a lot of the specific detail. Because the aggregate is so enigmatic at the moment we would have to delve deeper to see what is going on.

Source: Office of National Statistics, tables RPYH, RQAJ, RQBN, RQBV, RPYN, RPZT, RQCH, DJDS (Seasonally adjusted Net Lending/Borrowing per sector plus residual error) and YBHA (Gross domestic product at market prices, seasonally adjusted). Data and calculations are available online