Invisibles in the balance of payments

Quarterly Bulletin 1961 Q4
Published on 01 December 1961

An important element in the recent deterioration in the United Kingdom's balance of payments on current account has been the reduction in net receipts from invisible transactions. The importance of these transactions in the United Kingdom's balance of payments is illustrated by the fact that both as regards debits and credits invisibles are equal to over 50% of transactions on visible account, i.e., imports and exports. Net invisible receipts fell from £285 million in 1958 to £59 million in 1960 at which level they were equivalent to less than one week's imports. The purpose of this note is to describe some of the changes which have occurred since 1955 and to see if any parallels can be found in the experience of some other countries which, like the United Kingdom, are developed rather than developing countries.

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