© Reuters. U.K. economy grows 0.4% in third quarter
Investing.com - The U.K. economy grew less than initially expected in the third quarter, dampening optimism over the health of the economy and dimming the case for higher interest rates, official data showed on Wednesday.
In a report, the U.K.’s Office for National Statistics said gross domestic product expanded at a seasonally adjusted rate of 0.4% in the three months ended September 30, missing forecasts for 0.5%. Preliminary estimates initially pegged U.K. growth at 0.5%.The U.K.’s economy grew by 0.7% in the preceding quarter.
Year-over-year, U.K. economic growth expanded 2.1% in the third quarter, downwardly revised from a preliminary estimate of 2.3%. The U.K. economy grew at an annualized rate of 2.4% in the second quarter.
Total business investment increased by a seasonally adjusted 2.2% in the third quarter, unchanged from an initial estimate.
GBP/USD was trading at 1.4836 from around 1.4853 ahead of the release of the data, whileEUR/GBP was at 0.7364 from 0.7355 earlier.
Meanwhile, European stock markets remained higher. London’s FTSE 100 jumped 1.45%, the EURO STOXX 50 rallied 1.6%, France's CAC 40 surged 1.5%, while Germany's DAXadvanced 1.6%.
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