The device's new size allows it to display an extra row of app icons on its home screen.
The firm said it was 18% thinner and 20% lighter than the iPhone 4S. The screen measures 4in (10.2cm) which is still smaller than rival devices from Samsung, Nokia, Motorola and HTC.
It said it would work on Everything Everywhere's (EE) 4G LTE network in the UK.
The news is likely to give the network operator - which runs the local Orange and T-Mobile services - an advantage against its rivals which will not launch the higher-speed data service until 2013.
"I think it's obviously what the other networks feared would happen," said Matthew Howett, a telecoms analyst at Ovum.
"The question will be how many non-EE customers make the switch."
Apple said the handset would ship on 21 September.
Faster speeds
The new screen offers a 16:9 ratio, matching that of widescreen televisions.
Phil Schiller - Apple's vice president of worldwide marketing, who unveiled the device - said existing apps would be shown with black borders until developers updated their products.
The handset also features a new Apple-designed chip, called the A6. Mr Schiller suggested this made it twice as powerful as the earlier model.
The camera is an eight megapixel model - the same as in the iPhone 4S, and a lower specification than LG and Sony's most recent devices.
However, Mr Schiller said the equipment and associated software meant the iPhone would create better photographs in low light than before.
The handset also uses a new, smaller, socket for its charger. This means owners will need to use an adapter to plug the device into existing speakers and other equipment.
In addition it does not include NFC (near field communication) technology meaning the device will not be able to make touchless payments.
It will be sold with either 16 gigabytes, 32GB or 64GB of storage, with prices ranging from $199 to $399 (£123 to £248) in the US with a two-year contract.
In addition to launching the new model, Apple will continue to ship versions of the iPhone 4S and the iPhone 4, but is phasing out 2009's iPhone 3GS.
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Source: http://www.bbc.co.uk/news/technology-19572820
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