BRITISH PROFESSIONS TODAY: THE STATE OF ... - Property Week

The professional economy continued >>
3.4 Balance of payments and trade
The balance of payments and trade measures economic
transactions between UK residents and the rest of the world,
an important indicator in the broader systematic set of the
UK national accounts. The professional sector accounts for
£15,849 million of British trade in services, or over half of
the total £29,194 million (balance of accounts, as credits less
debits) (The Pink Book 2007).
2006 balance of payments,
trade in services (£ million)
25,000
20,000
15,000
10,000
22,575
15,849
Comparatively, trade in goods contributed -£83,631 million,
leaving the balance of total trade in goods and services at
-£54,437 million. The surplus on ‘invisible’ or services trade
has significantly offset trade in goods deficit for most of the
past decade.
5,000
0
-5,000
-2722
290 129
2,565
3,831
1,974
1,285
604
2006 balance of payments,
other business services (£ million)
-10,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
3,119
2,092
2,380
2,553
2,000
1,384
936
778
794
166
0
1 2 3 4 5 6 7 8 9 10
1 Legal
2 Accounting
3 Business management and management consulting
4 Advertising and market research
5 Research and development
6 Architectural, engineering, and other technical services
7 Agricultural, mining and on-site processing
8 Services between affiliated enterprises
9 Other
10 Total miscellaneous business, professional,
and technical services
14,202
-15,000
-20,000
-15,978
Transportation
Travel
Communications
Construction
Insurance
Financial
Computer and information
Royalties and license fees
Other business
Personal, cultural and recreational
Government
Source: The Pink Book 2007, Table 3.1: Trade in Services Summary Table (pp. 34; data from 2006)
*Professions in group “Other business”
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