Pound increases after encouraging UK GDP figures
In spite of high inflation and stricter monetary policy, the economy had a stronger-than-anticipated recovery in the first half of the year, which helped the pound rise versus its key competitors on Friday during the European session.
According to data from the Office for National Statistics, the second quarter's GDP growth was unchanged from the initial estimate at 0.2 percent sequential growth. This came after the first quarter's growth was revised upward by 0.3 percent.
As a result, GDP in the second quarter was 1.8 percent higher than it was prior to the coronavirus pandemic. Britain's growth rate has surpassed that of Germany and France in recent years.
European shares increased as hopes were supported by the Eurozone's inflation hitting a two-year low in September.
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