Investing.com – The U.K. economy grew more-than-expected in the third quarter of 2011, preliminary official data showed on Tuesday.
In a report, the Office for National Statistics said gross domestic product increased by a seasonally adjusted 0.5% in the third quarter, accelerating from growth of 0.1% in the preceding quarter.
Year-over-year, the U.K. economy grew at an annualized rate of 0.5% in the third quarter, beating expectations for a 0.4% gain. The U.K. economy grew at an annualized rate of 0.6% in the preceding quarter.
The data showed that output of the production industries increased by 0.5% in the three months to September, compared with a fall of 1.2% in the previous quarter.
Construction sector output decreased by 0.6%, compared with an increase of 1.1% in the previous quarter.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD falling 0.92% to trade at 1.5939.
Meanwhile, European stock markets added to sharp losses. The FTSE 100 tumbled 2.1%, the EURO STOXX 50 plunged 3.5%, France’s CAC 40 sank 3.2%, while Germany's DAX dropped 3.4%.
In a report, the Office for National Statistics said gross domestic product increased by a seasonally adjusted 0.5% in the third quarter, accelerating from growth of 0.1% in the preceding quarter.
Year-over-year, the U.K. economy grew at an annualized rate of 0.5% in the third quarter, beating expectations for a 0.4% gain. The U.K. economy grew at an annualized rate of 0.6% in the preceding quarter.
The data showed that output of the production industries increased by 0.5% in the three months to September, compared with a fall of 1.2% in the previous quarter.
Construction sector output decreased by 0.6%, compared with an increase of 1.1% in the previous quarter.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD falling 0.92% to trade at 1.5939.
Meanwhile, European stock markets added to sharp losses. The FTSE 100 tumbled 2.1%, the EURO STOXX 50 plunged 3.5%, France’s CAC 40 sank 3.2%, while Germany's DAX dropped 3.4%.