Trade

Department for Business, Innovation and Skills written question – answered on 30th June 2015.

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Photo of Susan Elan Jones Susan Elan Jones Opposition Whip (Commons)

To ask the Secretary of State for Business, Innovation and Skills, what forecast he has made of the contribution of net trade to GDP in the next four years.

Photo of Jo Johnson Jo Johnson Minister of State (Universities and Science)

The Office for Budget Responsibility make forecasts for net trade and GDP, and will be updating these on the 8th July. Exports and imports made up 28.3% and 30.3% of GDP in 2014. However, trade has wider economic benefits than through net trade, as it indirectly boost growth through increasing competition, innovation and efficiency of UK firms.

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