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UK economy grew faster than expected in 2013
by Eleanor Lawrie on Dec 20, 2013 at 11:48
UK gross domestic product grew by an estimated 1.9% this year, strengthening the picture of a rebounding economy.
GDP expansion was previously thought to be 1.5% compared to 2012. The Office for National Statistics also confirmed that the economy expanded by 0.8% in the second quarter.
However, the current account deficit shot up from £6.2 billlion to £20.7 billion between the second and third quarter, while net public sector borrowing last month was £0.9 billion higher than in November 2012.
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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