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UK economy confirms 0.4% growth in Q3

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Britain’s economy confirmed an expansion pace of 0.4 percent in the quarter ended September, the final GDP reading released on Friday showed.

The year-on-year growth was revised higher to 1.7 percent, compared to both initial and predicted readings of 1.5 percent growth.

Despite the upside revision, the annual growth is the slowest in four years as household spending hit a five-year low on the back of rising inflation. 

This week, the International Monetary Fund downgraded its forecasts for the U.K. to 1.6 percent this year from 1.8 percent in 2016, where the economy will slow further to 1.5 percent in 2018.

As of 09:33 GMT, the pound traded slightly lower at $1.3375, ahead of U.S. durable goods, personal spending and new home sales reports due later in the day.

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