GBPUSD News by Allie Longford on 04:50 Octuber 27, 2016 EST
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.