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UK growth revised up despite weak business investment

UK growth revised up despite weak business investment

The U.K. economy reported a more than forecast growth in the third quarter this year despite zero growth in business investment, the final GDP data released on Friday showed.  

Britain expanded 0.4 percent in the July-September period, following a 0.2 percent drop in the previous three months. Analysts had predicted no revision from the initial reading of 0.3 percent growth.

Business investment registered no growth over the quarter, largely reflecting the high uncertainty concerning the Brexit.   

The upside revision mirrored the “increased levels of volatility in the first half of the year that largely reflect changes in the timing of activity related to the UK’s original planned exit date from the European Union in late March”, the Office for National Statistics said.

The annual growth reached 1.1 percent in the third quarter. That was revised up from an initial of 1.0 percent, but was lower than a previous of 1.2 percent expansion.

As of 11:20 GMT, the pound rose for the first time in four sessions versus the U.S. dollar, as it traded at 1.3040, yet still set for a strong weekly decline.

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