Bloomberg News

U.K. 10-Year Gilts Stay Higher After GDP Growth Beats Forecasts

November 01, 2011

Nov. 1 (Bloomberg) -- U.K. 10-year government bonds stayed higher as a report showed the economy grew faster than economists predicted in the third quarter.

Gains pushed the yield down by 10 basis points to 2.33 percent as of 9:35 a.m. London time. The two-year yield was little changed at 0.53 percent.

Gross domestic product rose 0.5 percent from the second quarter, when it increased 0.1 percent, the Office for National Statistics said today. Economists forecast a 0.3 percent increase, based on the median estimate of 36 economists in a Bloomberg News survey. Services output grew 0.7 percent, while industrial production increased 0.5 percent.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Nicholas Reynolds at nreynolds2@bloomberg.net


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