The latest data from the Office for National Statistics (ONS) confirmed the UK’s gross domestic product grew by 0.8% in the third quarter of the year, making it the fastest growth in three years.

This was widely expected by analysts polled in the Bloomberg News survey, and follows growth in the three months to June of 0.7%.

While the UK’s figure is positive, the US economy has led the recovery in developed markets this year, growing by 2.8% in the third quarter; analysts are predicting 1.9% growth in the last quarter of the year.

Growth in Europe has been more subdued, growing at 0.2% in Q3, but this figure is still a positive sign that the eurozone is no longer in recession.

Following the release of the update, sterling approached a one-month high against the dollar this morning, moving up 0.4% to trade at $1.672.