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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.