Growth rate leaves rest of G7 in wake as data revised


UK economic growth for 2014 has been revised up to 2.8%. The Office for National Statistics has made three changes to the figures which, taken together, have the effect of raising growth for the year by 0.2 percentage points to a faster rate than any other G7 nation. However, Britain's current account deficit was £97.9bn in 2014, up from £76.7bn in 2013 and equivalent to 5.5% of national income – the largest annual current account deficit since records began in 1948. Output per worker was up by 0.5% between the third and fourth quarters of last year; under this measure, the average Briton is now better off than before the 2010 election, but still 1.2% poorer than before the economic crisis. Sterling jumped in response to the positive economic news, strengthening 0.2% from $1.477 to $1.479.


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