The UK economy grew 0.8% in the third quarter, preliminary estimate from the Office for National Statistics (ONS) in London may show Wednesday.
Today's data may confirm UK economic growth was at the fastest pace in almost three years. Britain recorded an expansion of 0.8 percent in the third quarter, coming in line with median forecast. On the year, the expansion likely steadies compared with prior reading of 1.5%.
The most recent data has pointed that U.K. recovery is gaining traction and the growth pace would continue in the third quarter.
Last month, the International Monetary Fund (IMF) raised U.K. growth forecast by nearly half percentage point to 1.4 percent this year and 1.9 percent in 2014.
'The economy has been a little stronger, which we welcome, more jobs have been created than we had expected, which is also welcomed, inflation has edged down,' Bank of England Governor Mark Carney told reporters after a speech in London.
The bank updated its inflation, growth and unemployment rate forecasts this month to reflect an increasingly rosy picture of accelerating growth, falling inflation and a four-year low in unemployment in the U.K.
"Growth in the second half of the year would remain around 0.7% a quarter or a little higher, stronger than expected at the time of the August Inflation Report," BOE said in its latest quarterly Inflation Report.
The Bank believed the unemployment rate was more likely to hit 7 percent at the end of 2015 or end of 2016, giving such predictions a 57 percent and 68 percent probability respectively based on market interest rates.
Carney was keen to stress that hitting the unemployment target, however, would not necessarily trigger a rate rise.
"We have been absolutely consistent. The 7% has always been a threshold not a trigger. It's always been about a fundamental question of once the recovery gets going, what happens to productivity in the economy," he told the parliament's Treasury Committee.
Today's data may confirm UK economic growth was at the fastest pace in almost three years. Britain recorded an expansion of 0.8 percent in the third quarter, coming in line with median forecast. On the year, the expansion likely steadies compared with prior reading of 1.5%.
The most recent data has pointed that U.K. recovery is gaining traction and the growth pace would continue in the third quarter.
Last month, the International Monetary Fund (IMF) raised U.K. growth forecast by nearly half percentage point to 1.4 percent this year and 1.9 percent in 2014.
'The economy has been a little stronger, which we welcome, more jobs have been created than we had expected, which is also welcomed, inflation has edged down,' Bank of England Governor Mark Carney told reporters after a speech in London.
The bank updated its inflation, growth and unemployment rate forecasts this month to reflect an increasingly rosy picture of accelerating growth, falling inflation and a four-year low in unemployment in the U.K.
"Growth in the second half of the year would remain around 0.7% a quarter or a little higher, stronger than expected at the time of the August Inflation Report," BOE said in its latest quarterly Inflation Report.
The Bank believed the unemployment rate was more likely to hit 7 percent at the end of 2015 or end of 2016, giving such predictions a 57 percent and 68 percent probability respectively based on market interest rates.
Carney was keen to stress that hitting the unemployment target, however, would not necessarily trigger a rate rise.
"We have been absolutely consistent. The 7% has always been a threshold not a trigger. It's always been about a fundamental question of once the recovery gets going, what happens to productivity in the economy," he told the parliament's Treasury Committee.
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