Investing.com - The U.K. economy grew in line with preliminary estimates in the third quarter, revised data showed on Wednesday.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.8% in the third quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy grew by 0.7% in the preceding quarter.
Year-over-year, U.K. economic growth advanced 1.5% in the third quarter from a year earlier, in line with expectations and unchanged from a preliminary reading. The U.K. economy expanded at an annualized rate of 1.3% in the preceding quarter.
The data showed that third quarter private consumption was revised up to a 0.8% gain from a preliminary estimate of 0.3% and above expectations for growth of 0.6%.
Total business investment rose by a seasonally adjusted 1.4% in the third quarter, below expectations for a 2.3% gain after falling 2.7% in the preceding quarter.
Following the release of that data, the pound erased gains against the U.S. dollar, with GBP/USD easing down 0.01% to trade at 1.6215, down from 1.6231 ahead of the data.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 added 0.2%, France's CAC 40 advanced 0.2%, the FTSE 100 edged up 0.35%, while Germany's DAX tacked on 0.2%.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.8% in the third quarter, in line with expectations and unchanged from an initial estimate.
The U.K.’s economy grew by 0.7% in the preceding quarter.
Year-over-year, U.K. economic growth advanced 1.5% in the third quarter from a year earlier, in line with expectations and unchanged from a preliminary reading. The U.K. economy expanded at an annualized rate of 1.3% in the preceding quarter.
The data showed that third quarter private consumption was revised up to a 0.8% gain from a preliminary estimate of 0.3% and above expectations for growth of 0.6%.
Total business investment rose by a seasonally adjusted 1.4% in the third quarter, below expectations for a 2.3% gain after falling 2.7% in the preceding quarter.
Following the release of that data, the pound erased gains against the U.S. dollar, with GBP/USD easing down 0.01% to trade at 1.6215, down from 1.6231 ahead of the data.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 added 0.2%, France's CAC 40 advanced 0.2%, the FTSE 100 edged up 0.35%, while Germany's DAX tacked on 0.2%.