Pound Stays Lower Against Euro as Economic Growth Revised Down

By Gavin Finch

June 27 (Bloomberg) -- The pound stayed lower against the euro after a government report showed the U.K. economy grew less than previously estimated in the first quarter.

The U.K. currency fell 0.1 percent to 79.26 pence per euro by 9:44 a.m. in London, from 79.21 pence late yesterday. It was at $1.9900, from $1.9890.

Gross domestic product rose 0.3 percent in the three months through March, the least in three years, the Office for National Statistics said today. The result was lower than the 0.4 percent reported on May 23, which was the median forecast of 32 economists in a Bloomberg News survey. The economy expanded 2.3 percent from a year earlier.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net
Last Updated: June 27, 2008 04:47 EDT