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UK grows faster than expected

GBPUSD News by Allie Longford on 04:50 Octuber 27, 2016 EST
Brexit was good. At least so far.

Britain’s economy grew faster than expected in the third quarter of 2016, according to a preliminary GDP release from the Office for National Statistics on Thursday.

According to the ONS’ data, GDP increased by 0.5% in the quarter, above the consensus forecast of economists who estimated growth increasing just 0.3%.

On a year-to-year basis, growth was better than expected, with UK GDP 2.3% higher over the past 12 months. That compares to a forecast 2.1%.

The Pound spikes to $1.2239 after the release.