Investing.com - The U.K. economy contracted less than initially estimated in the second quarter of 2012, official data showed on Thursday.
In a report, the U.K.’s Office for National Statistics said gross domestic product contracted at a seasonally adjusted rate of 0.4% during the second quarter, better than initial expectations for a 0.5% decline.
Annualized GDP shrank at a rate of 0.5%, unchanged from a previous estimate.
Following the release of that data, the pound was fractionally higher against the U.S. dollar, with GBP/USD easing up 0.09% to hit 1.6180.
Meanwhile, European stock markets were mildly higher. London’s FTSE 100 edged up 0.2%, the EURO STOXX 50 rose 0.25%, France’s CAC 40 added 0.4%, while Germany's DAX advanced 0.35%.
In a report, the U.K.’s Office for National Statistics said gross domestic product contracted at a seasonally adjusted rate of 0.4% during the second quarter, better than initial expectations for a 0.5% decline.
Annualized GDP shrank at a rate of 0.5%, unchanged from a previous estimate.
Following the release of that data, the pound was fractionally higher against the U.S. dollar, with GBP/USD easing up 0.09% to hit 1.6180.
Meanwhile, European stock markets were mildly higher. London’s FTSE 100 edged up 0.2%, the EURO STOXX 50 rose 0.25%, France’s CAC 40 added 0.4%, while Germany's DAX advanced 0.35%.