Investing.com – The U.K. economy grew in line with expectations in the third quarter, unchanged from an initial estimate, official data showed on Thursday.
In a report, the U.K.’s Office for National Statistics said gross domestic product increased at a seasonally adjusted rate of 0.5% during the third quarter, unchanged from a preliminary estimate and in line with expectations.
Annualized GDP rose at a rate of 0.5%, also in line with expectations and unrevised from an initial estimate.
The report showed that output of the production industries rose by 0.4%, within which manufacturing rose by 0.2%. Output of the service industries increased by 0.6%, while output of the construction industries decreased by 0.2%.
According to the ONS, inventories were the major driver of growth in the third quarter, adding 0.7% to GDP, the biggest contribution since the third quarter of 2010.
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.2% to hit 1.5558.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.8%, the EURO STOXX 50 rallied 1.55%, France’s CAC 40 jumped 1.7%, while Germany's DAX surged 1.75%.
In a report, the U.K.’s Office for National Statistics said gross domestic product increased at a seasonally adjusted rate of 0.5% during the third quarter, unchanged from a preliminary estimate and in line with expectations.
Annualized GDP rose at a rate of 0.5%, also in line with expectations and unrevised from an initial estimate.
The report showed that output of the production industries rose by 0.4%, within which manufacturing rose by 0.2%. Output of the service industries increased by 0.6%, while output of the construction industries decreased by 0.2%.
According to the ONS, inventories were the major driver of growth in the third quarter, adding 0.7% to GDP, the biggest contribution since the third quarter of 2010.
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.2% to hit 1.5558.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.8%, the EURO STOXX 50 rallied 1.55%, France’s CAC 40 jumped 1.7%, while Germany's DAX surged 1.75%.