Investing.com - The U.K. economy grew less than expected in the first three months of the year, dampening optimism over the country’s economic outlook, preliminary official data showed on Tuesday.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.3% in the first quarter, missing forecasts for growth of 0.5%. The U.K.’s economy grew by 0.6% in the preceding quarter.
Year-over-year, U.K. economic growth grew 2.4% in the three months ended March 31, below expectations for a gain of 2.6%. The U.K. economy expanded at an annualized rate of 3.0% in the fourth quarter of 2014.
GBP/USD was trading at 1.5187 from around 1.5221 ahead of the release of the data, while EUR/GBP was at 0.7158 from 0.7138 earlier.
Meanwhile, European stock markets remained lower. London’s FTSE 100 shed 0.95%, the EURO STOXX 50 dipped 0.55%, France's CAC 40 declined 0.85%, while Germany's DAX slumped 0.6%.
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U.K. GDP grows just 0.3% in first quarter, below expectations for 0.5%
Published 28/04/2015, 09:31
U.K. GDP grows just 0.3% in first quarter, below expectations for 0.5%
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