Investing.com – The economy in the United Kingdom grew more-than-expected in the third quarter, preliminary official data showed on Tuesday.
In a report, the Office for National Statistics said gross domestic product increased by a seasonally adjusted 0.8% in the third quarter, after expanding by 1.2% in the previous quarter, whose figure was revised up from 1.1%.
Economists had expected GDP to increase by 0.4% in the third quarter.
The report said the growth was due to expansion across the board in the services, construction and production sectors. Total services output rose by 0.6%, with the biggest growth in the business and financial sector.
Total production output rose 0.6% in the third quarter, with manufacturing making the biggest contribution, increasing by 1.0%.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.75% to hit 1.5840.
Meanwhile, European stock markets were down. The FTSE 100 declined 0.67%, the EURO STOXX 50 shed 0.59%, France’s CAC 40 fell 0.69% and Germany's DAX was down 0.29.
In a report, the Office for National Statistics said gross domestic product increased by a seasonally adjusted 0.8% in the third quarter, after expanding by 1.2% in the previous quarter, whose figure was revised up from 1.1%.
Economists had expected GDP to increase by 0.4% in the third quarter.
The report said the growth was due to expansion across the board in the services, construction and production sectors. Total services output rose by 0.6%, with the biggest growth in the business and financial sector.
Total production output rose 0.6% in the third quarter, with manufacturing making the biggest contribution, increasing by 1.0%.
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.75% to hit 1.5840.
Meanwhile, European stock markets were down. The FTSE 100 declined 0.67%, the EURO STOXX 50 shed 0.59%, France’s CAC 40 fell 0.69% and Germany's DAX was down 0.29.