§ Mr. Formanasked the Chancellor of the Exchequer if he will give the current account of the balance of payments excluding trade in petroleum and petroleum products for each quarter since 1970
606W
SEASONALLY ADJUSTED £ millions Current prices Constant (1975) prices Balance of trade in goods less oil* Balance of invisibles Current balance excluding trade in oil Balance of trade in goods less oil* 1970— First quarter … … … +183 +212 +395 Second quarter … … … +47 +181 +228 Third quarter … … … +37 +185 +222 Fourth quarter … … … +177 +195 +372 Year … … … +444 +773 +1,217 +262 1971— First quarter … … … +105 +224 +329 Second quarter … … … +242 +189 +431 Third quarter … … … +333 +216 +549 Fourth quarter … … … +234 +200 +434 Year … … … +914 +829 +1,743 +630 1972— First quarter … … … +56 +222 +278 Second quarter … … … +21 +247 +268 Third quarter … … … -137 +204 +67 Fourth quarter … … … -2 +184 +182 Year … … … -62 +857 +795 -1,304 1973— First quarter … … … -162 +163 +1 Second quarter … … … -238 +363 +125 Third quarter … … … -378 +329 -49 Fourth quarter … … … -657 +529 -128 Year … … … -1,435 +1,384 -51 -1,401 1974— First quarter … … … -510 +451 -59 Second quarter … … … -489 +454 -35 Third quarter … … … -363 +387 +24 Fourth quarter … … … -448 +352 -96 Year … … … -1,810 +1,644 -166 -626 1975— First quarter … … … -146 +325 +179 Second quarter … … … +7 +313 +320 Third quarter … … … -223 +333 +110 Fourth quarter … … … +237 +422 +659 Year … … … -125 +1,393 +1,268 -125 1976— First quarter … … … +397 +467 +864 Second quarter … … … +19 +621 +640 Third quarter … … … -78 +725 +647 Fourth quarter … … … +34 +651 +685 Year … … … +372 +2,464 +2,836 +339 in (a) current prices and (b) constant prices.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 2 April 1979; Vol. 965, c. 446], gave the following answer:
Available information is as follows:
607W
SEASONALLY ADJUSTED £ millions Current prices Constant (1975) prices Balance of trade in goods less oil* Balance of invisibles Current balance excluding trade in oil Balance of trade in goods less oil* 1977— First quarter … … … -165 +518 +353 Second quarter … … … -18 +482 +464 Third quarter … … … +587 +525 +1,112 Fourth quarter … … … +643 +517 +1,160 Year … … … +1,047 +2,042 +3,089 +677 1978— First quarter … … … +24 +255 +279 Second quarter … … … +241 +319 +560 Third quarter … … … +134 +418 +552 Fourth quarter … … … +441 +437 +878 Year … … … +840 +1,429 +2,269 -277 * Trade on a balance of payments basis in goods less petroleum and petroleum products. Estimates for the whole of the current account excluding trade in oil are not available in constant price terms. Quarterly figures of trade in goods less oil are not readily available at constant prices. The constant price figures shown above represent the balance of imports and exports of goods, less oil, separately deflated in terms of 1975 prices
§ Mr. Formanasked the Chancellor of the Exchequer if, pursuant to his right hon. Friend's answer to the hon. Member for Reigate (Mr. Gardiner) on 13 February, he will now provide figures for the last quarter of 1978 of (a) the balance of payments current account surplus or deficit and (b) the contribution to the current account balance of North Sea oil and gas.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 2 April 1979; Vol. 965, c. 446–7], gave the following answer:
The table below shows the latest estimates for the whole of 1978:
£ billion Current account (seasonally adjusted) Direct North Sea contribution (not seasonally adjusted) 1978— 1st quarter -0.3 +1.2 2nd quarter +0.1 +0.8 3rd quarter +01 +07 4th quarter +0.4 +10 TOTAL +0.3 +3.7 These estimates for the North Sea cover only its most direct and identifiable contribution to the current account; they are on the same basis as those presented in the October 1978 issue of "Economic Progress Report". The figures incorporate some revisions to those given in reply to the hon. Member for Reigate (Mr. 608W Gardiner) on 13 February.—[Vol. 962. c. 509–11.]