UK Growth Higher But Deficit Hits New Record

The UK economy grew more strongly than previously thought at the end of last year but the current account deficit with the rest of the world ballooned to record levels, official figures showed. This deficit reflects a widening gap between imports and exports and imbalance between income from UK overseas investments and foreign investments in the UK. Gross domestic product (GDP) growth for the fourth quarter was revised up from 0.5% to 0.6% and annual growth from 2.2% to 2.3%, the Office for Nati