UK economic growth accelerates
The United Kingdom's economy expanded 0.7% quarter over quarter, matching market expectations and accelerating from the previous 0.5% growth rate.
Annual GDP growth reached 1.9%, in line with forecasts and above the previous 1.4% reading. Monthly GDP also rose 0.2%, exceeding expectations for no growth.
The three-month GDP growth rate reached 0.7%, above the 0.6% forecast, while the annual GDP estimate stood at 2.1%. Services output increased 0.2% month over month, and construction output grew 0.8%. However, preliminary business investment rose just 0.43% quarter over quarter, missing expectations of 0.6% and slowing from 1.8%.
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