UK GDP shows higher-than-predicted growth in Q3

UK GDP shows higher-than-predicted growth in Q3

This growth was boosted by the buoyant services and manufacturing industries, which are continuing to go from strength-to-strength.

The services sector, which accounts for the majority of the United Kingdom economy "continued to drive GDP growth", the Office for National Statistics said on Wednesday.

Services and manufacturing did well during the quarter, up by 0.4% and 1% respectively.

United Kingdom growth gained a little momentum in the third quarter thanks to strong performances in the services sectors and a return to growth for manufacturing, official data revealed on Wednesday.

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A rate rise is seen as a negative for stock markets, which have grown fat from almost a decade of cheap money from central banks, however most believe Bank of England Governor Mark Carney will now be forced to hike at the Bank's next meeting on 2 November.

The country is now on track for its worst annual growth performance since the depths of the recession after growing just 0.9 per cent in the first nine months of the year, its slowest rate for the January to September period since 2009.

This raises the prospect of an interest rate rise when the Bank of England meets on 2 November.

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Sterling shot up following the release, rising more than 0.3% against both the United States dollar and the euro to 1.317 and 1.119, respectively.

Despite Wednesday's gains, sterling is still trading well down on its value before last year's Brexit vote, when £1 would have bought $1.50 or €1.31.

Chancellor Philip Hammond said that they show a "successful and resilient economy which is supporting a record number of people in employment".

Britain's economy defied expectations and grew by 0.4% in the third quarter of this year. The real question will be how rapidly rates rise through next year going back above the level they were cut to in March 2009 following the financial crisis. "The key for investors will be to be discerning between those companies who will benefit from rising interest rates and stronger growth and those, particularly those with high levels of debt, for who increased rates may be more problematic".

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