As such, recent trends in trade flows and the balance of payments suggest that the current account deficit for this fiscal year will likely reach a record of about 5% of GDP before narrowing closer to 4% next year.

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Within Britain's balance of payments, the US is Britain's most important trading and investment partner, accounting for 18% of current account credits and 14% of debits in 2011.

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Russia still had a current-account surplus last year, but if oil prices continue their recent decline, the balance of payments will soon look less healthy and the need for foreign investment may become more urgent.

ECONOMIST: Business in Russia