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U.K. final Q1 GDP grows 0.3%, year-over-year revised down to 0.3%

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Investing.com - The U.K. economy grew in line with expectations in the first quarter of 2013, however growth from a year earlier was below forecasts, official data showed on Thursday.

In a report, the U.K.'s Office for National Statistics said gross domestic product expanded at a seasonally adjusted rate of 0.3% during the first quarter, in line with expectations and unchanged from a previous estimate.

Annualized GDP grew at a rate of 0.3% in the first quarter, downwardly revised from a previous forecast of 0.6% growth. Analysts expected annualized GDP to remain unchanged at 0.6%.

Total business investment fell by a seasonally adjusted 1.9% in the first quarter, compared to a previous forecast for a 0.4% decline.

Following the release of that data, the pound turned lower against the U.S. dollar, with GBP/USD shedding 0.13% to hit 1.5293.

Meanwhile, European stock markets were mixed. London's FTSE 100 edged up 0.4%, the EURO STOXX 50 shed 0.2%, France's CAC 40 fell 0.2%, while Germany's DAX was flat.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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