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U.K. final GDP rises more-than-expected in Q3

Economic IndicatorsDec 22, 2011 04:40AM ET
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Investing.com – The U.K. economy expanded more-than-initially estimated in the third quarter, official data showed on Thursday.

In a report, the U.K.’s Office for National Statistics said gross domestic product increased at a seasonally adjusted rate of 0.6% during the third quarter, up from a preliminary estimate of 0.5%.

Annualized GDP rose at a rate of 0.5%, in line with expectations and unrevised from an initial estimate.

The report showed that output of the production industries rose by 0.2%, within which manufacturing rose by 0.1%.

Output of the construction industries increased by 0.3%, reversing a preliminary estimate of a 0.2% decline.

Following the release of that data, the pound remained higher against the U.S. dollar, with GBP/USD edging up 0.12% to hit 1.5696.

Meanwhile, European stock markets were broadly higher. The FTSE 100 climbed 0.95%, the EURO STOXX 50 rallied 1.1%, France’s CAC 40 jumped 1.05%, while Germany's DAX surged 1.15%.

U.K. final GDP rises more-than-expected in Q3

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