UK GDP Growth Boosted by Consumer Spending

Economic growth in the UK was driven by consumer spending in the third quarter of the year, Office for National Statistics (ONS) figures show.

The ONS kept its estimate for economic growth in the quarter at 0.8%, which is the fastest pace for three years.

Consumer spending, which accounts for nearly two-thirds of the UK’s economic activity, also rose by 0.8%, the most since the second quarter of 2010.

Business investment also grew, but exports fell in the quarter.

Following the figures, the pound rose to an 11-month high against the dollar, of $1.6280, on hopes the UK’s economic recovery is strengthening.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza