The pound sterling has strengthened against major currencies following the release of better-than-expected UK GDP data. The figures indicate a strong recovery in the British economy, boosting investor confidence.

Market Reaction

Currency analysts noted the immediate impact on the foreign exchange market, with the pound gaining significant ground against the US dollar and the euro. The positive data suggests that the Bank of England may consider raising interest rates sooner than previously anticipated.

Key Factors

• Stronger-than-expected growth in the service sector
• Increased manufacturing output
• Rising consumer spending

These factors have contributed to the overall positive economic outlook for the UK.

Expert Commentary

According to leading economists, the latest GDP figures confirm that the UK economy is on a sustainable growth path. However, they caution that challenges remain, including the need to address the trade deficit and improve productivity.