Investing.com - The U.K. economy grew in line with preliminary estimates in the fourth quarter, underlining optimism over the country’s economic outlook, revised data showed on Wednesday.
In a report, the Office for National Statistics said gross domestic product expanded by a seasonally adjusted 0.7% in the fourth quarter, in line with expectations and unchanged from an initial estimate. The U.K.’s economy grew by 0.8% in the preceding quarter.
Year-over-year, U.K. economic growth advanced 2.7% in the fourth quarter from a year earlier, down from a preliminary reading of 2.8%. The U.K. economy expanded at an annualized rate of 1.9% in the preceding quarter.
The data showed that fourth quarter private consumption was revised down to a 0.4% gain from a preliminary estimate of 0.9% and below expectations for growth of 0.6%.
Total business investment rose by a seasonally adjusted 2.4% in the final three months of 2013, below expectations for a 2.6% gain after rising 2% in the preceding quarter.
Additionally, the index of services in the U.K. rose 0.8% in the three months to December, in line with expectations and after rising 0.8% in the preceding three months.
Following the release of that data, the pound turned modestly higher against the U.S. dollar, with GBP/USD easing up 0.05% to trade at 1.6690, compared to 1.6683 ahead of the data.
Meanwhile, European stock markets remained lower. London’s FTSE 100 declined 0.45%, the EURO STOXX 50 fell 0.3%, France''s CAC 40 shed 0.35%, while Germany''s DAX dipped 0.2%.