Investing.com - The U.K. economy grew by 0.3% in the first quarter of 2013, unchanged from a preliminary estimate, revised data showed on Thursday.
In a report, the Office for National Statistics said gross domestic product advanced by a seasonally adjusted 0.3% in the first quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy shrank by 0.3% in the preceding quarter.
Year-over-year, U.K. economic growth grew 0.6% in the first quarter from a year earlier, in line with expectations and unchanged from an initial estimate. The U.K. economy expanded at an annualized rate of 0.2% in the preceding quarter.
Total business investment fell by a seasonally adjusted 0.4% in the first quarter, defying expectations for a 1.7% gain after falling 0.8% in the preceding quarter.
Following the release of that data, the pound was mildly higher against the U.S. dollar, with GBP/USD adding 0.1% to trade at 1.5065.
Meanwhile, European stock markets remained sharply lower. London’s FTSE 100 fell 1.9%, the EURO STOXX 50 tumbled 2.7%, France’s CAC 40 plunged 2.6%, while Germany's DAX sank 2.6%.
In a report, the Office for National Statistics said gross domestic product advanced by a seasonally adjusted 0.3% in the first quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy shrank by 0.3% in the preceding quarter.
Year-over-year, U.K. economic growth grew 0.6% in the first quarter from a year earlier, in line with expectations and unchanged from an initial estimate. The U.K. economy expanded at an annualized rate of 0.2% in the preceding quarter.
Total business investment fell by a seasonally adjusted 0.4% in the first quarter, defying expectations for a 1.7% gain after falling 0.8% in the preceding quarter.
Following the release of that data, the pound was mildly higher against the U.S. dollar, with GBP/USD adding 0.1% to trade at 1.5065.
Meanwhile, European stock markets remained sharply lower. London’s FTSE 100 fell 1.9%, the EURO STOXX 50 tumbled 2.7%, France’s CAC 40 plunged 2.6%, while Germany's DAX sank 2.6%.