Investing.com - The U.K. economy grew in line with expectations in the fourth quarter of 2013, underlining optimism over the country’s economic outlook, preliminary official data showed on Tuesday.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.7% in the fourth quarter, matching forecasts. The U.K.’s economy grew by 0.8% in the preceding quarter.
Year-over-year, U.K. economic growth grew 2.8% in the final three months of 2013, in line with estimates. The U.K. economy expanded at an annualized rate of 1.9% in the preceding quarter.
Following the release of that data, the pound erased gains against the U.S. dollar, with GBP/USD easing down 0.08% to trade at 1.6571, compared to 1.6592 ahead of the data.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rose 0.6%, France's CAC 40 advanced 0.6%, the FTSE 100 edged up 0.25%, while Germany's DAX tacked on 0.55%.
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U.K. GDP grows 0.7% in fourth quarter; pound turns lower
Published 01/28/2014, 04:33 AM
U.K. GDP grows 0.7% in fourth quarter; pound turns lower
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