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Oct 24, 2014 5:03 AM

British economy grows 0.7 percent

The Associated Press

LONDON (AP) Official figures show Britain's economic recovery is continuing, despite a gloomy global environment.

The Office for National Statistics said gross domestic product grew 0.7 percent in the three months through September compared with the previous three months. That is down slightly from a 0.9 percent quarterly rate in the April-June period but remains among the strongest growth rates among developed economies.

Compared with a year earlier, the economy was 3.0 percent larger.

Treasury Chief George Osborne says the figures show Britain "continues to lead the pack in an increasingly uncertain global economy."

Samuel Tombs, the senior U.K. economist for Capital Economics, says growth in Europe's third largest economy has become broader-based, though recent falls in stock markets, manufacturing surveys and eurozone growth have intensified concerns over the recovery.


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