UK Economy Grows More Than Expected in Q3; Manufacturing Rises but Business Investment Falls
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UK GDP grew 0.6% year-on-year in Q3 2022, beating forecasts of 0.5% growth.
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On a monthly basis, UK GDP grew 0.2% in September 2022.
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Industrial and manufacturing production rose in September but total business investment fell in Q3.
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GBP/USD remained little changed after the GDP release, holding around 1.2225.
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The BoE downgraded UK growth forecasts at its November meeting, now seeing just 0.1% GDP growth in Q4 2022.