British economy is doing better than expected

The gross domestic product of the UK in the third quarter of 2022, according to preliminary estimates, grew by 2.4% year on year, and fell by 0.2% quarterly, according to the Office for National Statistics.

Analysts polled by the DailyFx portal had expected the UK economy to grow 2.1% year-on-year in the quarter and decline 0.5% qoq.

The services sector, which forms the backbone of the UK economy, showed no growth in the third quarter of 2022, while the construction sector grew by 0.6%.

Source: Prime