Investing.com - The U.K. economy grew in line with preliminary estimates in the first quarter, underlining optimism over the country’s economic outlook, revised data showed on Thursday.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.8% in the first three months of the year, in line with expectations and unchanged from an initial estimate. The U.K.’s economy grew by 0.7% in the preceding quarter.
Year-over-year, U.K. economic growth advanced 3.1% in the first quarter from a year earlier, unchanged from a preliminary reading. The U.K. economy expanded at an annualized rate of 2.7% in the fourth quarter of 2013.
The data showed that first quarter private consumption was revised up to a 0.8% gain from a preliminary estimate of 0.4% and above expectations for growth of 0.6%.
Total government spending inched up 0.1% in the first quarter, up from a flat reading but below expectations for a 0.2% gain.
Total business investment rose by a seasonally adjusted 2.7% in the quarter ended March 31, beating expectations for a 2.3% gain after rising 2.4% in the preceding quarter.
Additionally, the index of services in the U.K. rose 0.9% in the three months to March, in line with expectations and after rising 0.9% in the preceding three months.
Following the release of that data, the pound turned lower against the U.S. dollar, with GBP/USD easing down 0.09% to trade at 1.6886, compared to 1.6906 ahead of the data.
Meanwhile, European stock markets were higher. London’s FTSE 100 advanced 0.3%, the Euro Stoxx 50 rose 0.1%, France's CAC 40 picked up 0.1%, while Germany's DAX tacked on 0.25%.