UK GDP growth confirmed at 0.8%

Sterling rose against the US dollar in morning trading after the second reading of the UK's economic growth rate confirmed an increase of 0.8% in the third quarter, in line with analysts' expectations.

The latest data from the Office for National Statistics (ONS) confirmed the UK's gross domestic product grew by 0.8% in the third quarter of the year, making it the fastest growth in three years. This was widely expected by analysts polled in a Bloomberg News survey, and follows growth in the three months to June of 0.7%. While the UK's figure is positive, the US economy has led the recovery in developed markets this year, growing by 2.8% in the third quarter; analysts are predicting 1.9% growth in the last quarter of the year. Growth in Europe has been more subdued, growing at 0.2...