The pound has held onto its recent gains against the euro following UK GDP data, which was released this morning.
Figures show that the economy grew more than expected in June, by 1%, beating expectations of a 0.8% growth. GDP also grew by 4.8% on quarter in the three months to June, in line with market expectations and largely because of the performance of the service sector.
This economic growth is consistent with the Bank of England’s own forecasts, which has fuelled hopes that interest rates will be hiked in 2022.
Industrial production, however, fell by 0.7% month-on-month in June and increased 8.3% year-on-year, falling short of expectations for a 9.4% rise.
