For one year, an economy records the following current account receipts and payments, in £ billion:
| Component | Receipts (£ billion) | Payments (£ billion) |
|---|---|---|
| Trade in goods | 320 | 350 |
| Trade in services | 160 | 130 |
| Primary income | 70 | 60 |
| Secondary income | 30 | 40 |
Calculate the current account balance for the year. State what your answer shows about the current account.
52 exam-style questions on OCR GCSE Economics 4.2 Balance of payments, covering 4.2.1 Balance of payments on current account, 4.2.2 Balanced account, surplus and deficit, 4.2.3 Calculate deficits and surpluses, 4.2.4 Analyse exports and imports data, 4.2.5 Importance of the balance of payments, and 4.2.6 Causes of surpluses and deficits. Each one has a worked solution and a mark scheme showing where the marks go.