UK GDP Exceeds Expectations Boosting BoE Rate Hike Chances

Britain’s economy picked up speed unexpectedly in the third quarter, according to figures on Wednesday that likely cement expectations that the Bank of England will raise interest rates next month.Quarterly gross domestic product growth rose to 0.4 percent compared with 0.3 percent growth in the three months to June 2017, the Office for National Statistics said. A Reuters poll of economists had pointed to growth of 0.3 percent.The vast services industry was behind the bulk of Britain’s economic expansion in the third quarter, but manufacturing also contributed, helped by a rebound in car production.Britain performed much better than most economists expected immediately after last year’s vote to leave the European Union, and was one of the fastest-growing major advanced economies in 2016.

Source: UK economy picks up speed in third quarter, puts BoE rate hike firmly on track – Reuters

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