Investing.com – The U.K. economy grew less than initially expected in the second quarter of 2011, official data showed on Wednesday.
In a report, the U.K.’s Office for National Statistics said gross domestic product rose at a seasonally adjusted rate of 0.1% during the second quarter, down from a previous estimate of 0.2%.
Annualized GDP rose at a rate of 0.6%, down from a prior reading of 0.7%.
The downward revision was due to a 0.3% cut in services sector growth, partly offset by a 0.6% upward revision to the construction sector growth.
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD dipping 0.15% to trade at 1.5462.
Meanwhile, European stock markets were up sharply. The EURO STOXX 50 rallied 2.1%, France’s CAC 40 rose 2.4%, the FTSE 100 gained 1.7%, while Germany's DAX jumped 1.9%.
In a report, the U.K.’s Office for National Statistics said gross domestic product rose at a seasonally adjusted rate of 0.1% during the second quarter, down from a previous estimate of 0.2%.
Annualized GDP rose at a rate of 0.6%, down from a prior reading of 0.7%.
The downward revision was due to a 0.3% cut in services sector growth, partly offset by a 0.6% upward revision to the construction sector growth.
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD dipping 0.15% to trade at 1.5462.
Meanwhile, European stock markets were up sharply. The EURO STOXX 50 rallied 2.1%, France’s CAC 40 rose 2.4%, the FTSE 100 gained 1.7%, while Germany's DAX jumped 1.9%.