Investing.com - The U.K. economy expanded by 1% in the third quarter, in line with expectations and unchanged from a preliminary estimate, revised data showed on Tuesday.
In a report, the U.K.’s Office for National Statistics said gross domestic product grew at a seasonally adjusted rate of 1% during the third quarter, in line with expectations and unchanged from an initial estimate.
Overall, it was the biggest rise since the third quarter of 2007.
The U.K.’s economy shrank by 0.4% in the three months to June.
Year-over-year, U.K. economic growth shrank 0.1% in the third quarter from a year earlier, compared to expectations for a flat reading. The U.K. economy shrank at an annualized rate of 0.5% in the preceding quarter.
Total business investment rose by a seasonally adjusted 3.7% in the third quarter, blowing past expectations for a 1.3% gain and accelerating from a 0.9% gain in the preceding quarter.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.01% to hit 1.6028.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.5%, the EURO STOXX 50 rose 0.5%, France’s CAC 40 added 0.55%, while Germany's DAX tacked on 0.6%.
In a report, the U.K.’s Office for National Statistics said gross domestic product grew at a seasonally adjusted rate of 1% during the third quarter, in line with expectations and unchanged from an initial estimate.
Overall, it was the biggest rise since the third quarter of 2007.
The U.K.’s economy shrank by 0.4% in the three months to June.
Year-over-year, U.K. economic growth shrank 0.1% in the third quarter from a year earlier, compared to expectations for a flat reading. The U.K. economy shrank at an annualized rate of 0.5% in the preceding quarter.
Total business investment rose by a seasonally adjusted 3.7% in the third quarter, blowing past expectations for a 1.3% gain and accelerating from a 0.9% gain in the preceding quarter.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD adding 0.01% to hit 1.6028.
Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.5%, the EURO STOXX 50 rose 0.5%, France’s CAC 40 added 0.55%, while Germany's DAX tacked on 0.6%.