Investing.com - The U.K. economy grew less than expected in the first quarter of 2014, dampening 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 0.8% in the three months ended March 31, below forecasts for growth of 0.9%. The U.K.’s economy grew by 0.7% in the preceding quarter.
Year-over-year, U.K. economic growth grew 3.1% in the first quarter, missing expectations for a gain of 3.2%. The U.K. economy expanded at an annualized rate of 2.7% in the fourth quarter of 2013.
Following the release of that data, the pound trimmed gains against the U.S. dollar, with GBP/USD rising 0.03% to trade at 1.6812, compared to 1.6841 ahead of the data.
Meanwhile, European stock markets remained mixed. The Euro Stoxx 50 inched up 0.4%, France's CAC 40 dipped 0.1%, the FTSE 100 advanced 0.4%, while Germany's DAX tacked on 0.6%.