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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