The UK economy grew more strongly than previously thought last year according to revised official figures showing gross domestic product (GDP) rose by 2.8%.
The UK's GDP had previously been estimated to have increased by 2.6% in 2014.
Figures from the Office for National Statistics (ONS) showed growth in the fourth quarter was 0.6%, up from a previous estimate of 0.5%.
UK Finance Minister George Osborne hailed the figures, writing on Twitter: "GDP revised upwards from 2.6% to 2.8% for 2014. Confirms UK as clearly fastest growing major advanced economy."
GDP revised upwards from 2.6% to 2.8% for 2014. Confirms UK as clearly fastest growing major advanced economy
— George Osborne (@George_Osborne) March 31, 2015Today's figures also showed that GDP per head in 2014 rose by 2.2%. This is seen as a key measure because it indicates that the size of the economy per person is growing even as the population expands.
UK GDP per head remains 1.2% below levels before the economic downturn.
Real-terms household disposable income per head increased by just 0.1% during 2014. It is now 2.2% above its pre-economic downturn level.
ONS data also showed household spending grew by 0.6%, or £1.6 billion, in the fourth quarter.
While today's figures showed a slump in business investment of 0.9% in the fourth quarter of last year, this was not as bad as a previous estimate of 1.4%.
Meanwhile, the UK's current account deficit for 2014 widened to £97.9 billion, from £76.7 billion in 2013. It now equates to 5.5% of GDP, the largest in percentage terms since annual records began in 1948, the ONS said.
The growing current account deficit was mainly due to UK earnings on investment abroad decreasing and foreign earnings on investment in the UK increasing, though the deficit in trade in goods and services narrowed slightly.
