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Balance of payments (Cause of a deficit or surplus (Why the UK is in a…
Balance of payments
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Components
Current account
Trade balance, this includes the amount of exports and the amount of imports.
The income balance also known as the primary income is the income that flows into the country from non-residents minus income flows out from of the country from residents to non-residents.Income refers to compensation to employees and investment income
Current transfers, this relates to items such as food aid and the UK;s contributions to the EU's CAP
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