The economy

The UK economy grew by 0.7%, unchanged on the last estimate for gross domestic product (GDP) from the Office for National Statistics (ONS). However, GDP remains 1.4% below the pre-downturn peak following the latest estimate.

Total production output growth was unchanged at 0.5% between the third and fourth quarters 2013, while manufacturing output growth was revised down by 0.1 percentage point to 0.6% from the previous estimate.

Balance of payments

In a separate press release, the ONS said the current balance deficit widened to a record £71.1 billion in 2013 from the previous record of £59.7 billion the year before.

In 2013, the current account deficit equated to 4.4% of GDP at current market prices, compared with 3.8% in 2012.

The balance of trade in goods narrowed slightly to £107.8 billion from £108.7 billion in 2012.

www.ons.gov.uk/ons/dcp171778_356318.pdf

www.ons.gov.uk/ons/dcp171778_358018.pdf