Forexpros – The U.K. economy contracted in line with expectations in the first three months of 2012, official data showed on Thursday.
In a report, the U.K.’s Office for National Statistics said gross domestic product contracted at a seasonally adjusted rate of 0.3% during the first quarter, unchanged from a previous estimate.
Annualized GDP shrank at a rate of 0.2%, compared to expectations for a 0.1% decline.
Following the release of that data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.14% to hit 1.5547.
Meanwhile, European stock markets were broadly lower. London’s FTSE 100 declined 0.7%, the EURO STOXX 50 slumped 1%, France’s CAC 40 dropped 1%, while Germany’s DAX sank 1.4%.
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