The pound goes up as UK economy returns to growth

British pound
British pound

The British pound extended its gains on Thursday after the Office for National Statistics said that the UK economy has returned to growth in the third quarter with stronger than expected 1% quarterly growth of the gross domestic product.

The sterling was traded at $ 1.6134 against the dollar, which is about 0.5% up compared to Wednesday. The euro fell 0.2 percent against the British currency, reaching 80.71 pence.

Economists, requested by Dow Jones Newswires, had stipulated an increase of 0.6% for GDP. Compared with the third quarter of the last year, GDP remained unchanged. The return to growth came after a double-dip recession, observing a contraction of GDP in the previous three quarters.

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