UK growth up 0.4 pct in Q3

By Ahmet Gurhan Kartal

LONDON

The U.K.’s economy grew unexpectedly in 2017’s third quarter, according to data revealed on Wednesday by the country’s Office for National Statistics (ONS).

GDP rose 0.4 percent, a ratio higher than the 0.3 percent seen in the first two quarters of the year.

The growth came despite financial and economic worries over Brexit and a future trade deal with the EU.

However, 0.4 percent is a still below the U.K.’s long-term growth rate, as data suggest 2017 could be the poorest growth year for the British economy since the financial crisis in 2007-2008.

The British pound rose shortly after today’s growth report, going up 0.25 percent against the US dollar to $1.317.

The ONS data suggested the service industry, manufacturing, car production and industrial production all helped the slight rise in GDP growth.