Investing.com - The U.K. economy expanded at faster rate than expected in the third quarter of 2012, pulling the U.K. out of the longest double dip recession since 1955, preliminary official data showed on Thursday.
In a report, the Office for National Statistics said gross domestic product advanced by a seasonally adjusted 1.0% in the third quarter, above expectations for a 0.6% gain. Overall, it was the biggest rise since the third quarter of 2007.
The U.K.’s economy shrank by 0.4% in the three months to June.
Year-over-year, U.K. economic growth was flat in the third quarter from a year earlier, compared to expectations for a decline of 0.5%. The U.K. economy shrank at an annualized rate of 0.5% in the preceding quarter.
The U.K. service sector picked up 1.3%, industrial output was up by 1.1%, but construction dropped by 2.5%.
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.51% to trade at 1.6120.
Meanwhile, European stock markets remained higher. London’s FTSE 100 climbed 0.6%, the EURO STOXX 50 rose 0.7%, France’s CAC 40 added 0.8%, while Germany's DAX rose 0.7%.
In a report, the Office for National Statistics said gross domestic product advanced by a seasonally adjusted 1.0% in the third quarter, above expectations for a 0.6% gain. Overall, it was the biggest rise since the third quarter of 2007.
The U.K.’s economy shrank by 0.4% in the three months to June.
Year-over-year, U.K. economic growth was flat in the third quarter from a year earlier, compared to expectations for a decline of 0.5%. The U.K. economy shrank at an annualized rate of 0.5% in the preceding quarter.
The U.K. service sector picked up 1.3%, industrial output was up by 1.1%, but construction dropped by 2.5%.
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.51% to trade at 1.6120.
Meanwhile, European stock markets remained higher. London’s FTSE 100 climbed 0.6%, the EURO STOXX 50 rose 0.7%, France’s CAC 40 added 0.8%, while Germany's DAX rose 0.7%.