Update: Sterling jumps as UK avoids triple dip

clock

The UK's stagnating economy avoided a triple-dip recession today after initial estimates showed it expanded 0.3% in the first quarter of 2013.

The latest figures from the Office for National Statistics (ONS) showed a better-than-expected expansion, beating forecasts of 0.1% growth, and prompted a rise in the pound against the dollar. Sterling moved to a two-month high of $1.541 on the news, up 0.9% on the day, and rose by a similar amount against the euro to trade at £0.8460. The GDP figures come after a 0.3% contraction in Q4 2012, which many had feared would lead to another technical recession. The ONS said the UK's services sector provided the biggest boost to GDP, growing by 0.6% and providing 0.47 percentage points o...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

US tariffs threaten UK growth and stymie Reeves and BoE's plans

US tariffs threaten UK growth and stymie Reeves and BoE's plans

FTSE remains defensive

Linus Uhlig
clock 10 April 2025 • 6 min read
China slaps additional 84% tariff on US goods

China slaps additional 84% tariff on US goods

Latest move in the trade war

Linus Uhlig
clock 09 April 2025 • 1 min read
Attention turns to Bank of England with calls for rate cuts amid tariff chaos

Attention turns to Bank of England with calls for rate cuts amid tariff chaos

Next meeting 8 May

Linus Uhlig
clock 09 April 2025 • 3 min read
Trustpilot