UK GDP unrevised; deficit much higher than expected

The second reading of UK economic growth in the last quarter of 2013 remained unrevised, but the current account deficit came in much higher than expected, official data has revealed.

The Office for National Statistics (ONS) confirmed the British economy grew by 0.7% between October and December 2013 today, in line with economists' expectations. However, it also showed the UK's current account deficit in the fourth quarter was much bigger than economists had predicted. Though the deficit was expected to fall to £14bn, it was only down slightly from the all-time record of £22.8bn in the third quarter, falling to £22.4bn. According to the ONS, one of the reasons for the high figure is the strength of sterling, which has reduced income generated from investments ma...