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

Early Powell departure could be an 'unexpected gift' for EMs

Early Powell departure could be an 'unexpected gift' for EMs

Trump claims he will replace chair sooner

Eve Maddock-Jones
clock 01 July 2025 • 3 min read
BoE's Andrew Bailey: Pick-up in inflation makes outlook uncertain

BoE's Andrew Bailey: Pick-up in inflation makes outlook uncertain

UK inflation at 3.4%

clock 27 June 2025 • 2 min read
Jerome Powell warns of long term inflation if Trump settles on higher tariffs indefinitely

Jerome Powell warns of long term inflation if Trump settles on higher tariffs indefinitely

Policies' economic impacts ‘uncertain’

Eve Maddock-Jones
clock 25 June 2025 • 3 min read
Trustpilot