Picture used for illustrative purpose. File

Gulf Today Report 

Britain’s economy advanced above expectation in the final three months of 2020, according to official data.

Gross domestic product increased by 1.3% between October and December last year from the previous three-month period, compared with an earlier estimate of 1.0% growth, the Office for National Statistics said. 

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Economists forecasted the growth rate to remain at 1.0%. However, in 2020, the gross domestic product fell by 9.8%, slightly less sharp than an initial estimate of a 9.9% slump which was the biggest collapse in more than three centuries.

According to the ONS, Britain's current account deficit widened to 26.3 billion pounds in the fourth quarter, almost double the shortfall in the third quarter.