In the fourth quarter of 2015 the UK economy grew 0.6%, which is higher than the previous estimate of 0.5%.
According to the Office for National Statistics (ONS), the economy grew by 2.3% for the whole of 2015. This is higher than the 2.2% previously thought. Analysts forecast that the figure would remain unchanged.
The figures for the UK’s current account deficit were at a record high in the final quarter of last year. In the three months to December it was £32.7 billion, which is the equivalent of 7% of GDP.
Considering the whole of 2015, the deficit was £96.2 billion or 5.2% of GDP. Since records began in 1948, both figures were the highest since. As a result, the deficit means that the UK imported more goods and services than it exported.
The Bank of England’s Financial Policy Committee stated that uncertainty over the UK’s membership of the EU could put financial stability at risk. This includes the current account deficit.