It's a princess! Royal baby arrives

The Duke and Duchess of Cambridge welcomed a baby girl at 8:34 AM. local time after being admitted to St Mary’s Hospital at 06:00 AM, Kensington Palace announced.

The baby weighed in at 8 lbs 3 oz and both mother and child are doing well, it added in a Twitter statement.

Prince William, Duke of Cambridge, was present for the birth.

The princess is fourth in succession line (behind Prince Charles, father Prince William and brother Prince George) to the throne and the fifth great-grandchild of Queen Elizabeth II.

Name?

The baby's name is not expected to be announced soon given officials waited two days before announcing Prince George's name in 2013.

Charlotte and Alice top the bookies favourite lists for the first Princess of Cambridge born into the royal family in nearly two centuries.

Royals usually tend to turn to pick a name from the family tree and the list also include Elizabeth, Victoria, and even Diana.

Actually, Diana seems becoming an increasingly popular pick, according to the bookies.

According to The Telegraph, a baby girl would be worth AUD $1.9 billion to the economy over her lifetime with over $150 million coming in just days.

Retail experts have estimated an sudden surge in sales of souvenirs to celebratory food and drink, but also, there would be a long term effect like in the fashion industry.

Previous Version:

The Duchess of Cambridge Kate Middleton has today been admitted to hospital where she had her first child, Prince George in July 2013, according to Kensington Palace.

Kate, 33, and his husband Prince William, 32, travelled by car from Kensington Palace to the Lindo Wing at St Mary’s Hospital.

It was announced before that the duchess and the prince do not know the sex of their unborn baby.

The new baby will stand fourth (behind Prince Charles, father Prince William and brother Prince George) in succession line to the throne, displacing Uncle Prince Harry to the fifth place.

A formal announcement including the baby's gender, weight and time of birth will be announced after the queen, the royal family and the Middletons have been informed.

Differently from the time of Prince George's birth when the world's media were camping outside,there will be areas for journalists, photographers and camera crews.

"My best wishes to the Duchess of Cambridge, who is having her second child today. The whole country will wish her well." Prime Minister David Cameron tweeted.

Politicians, celebrities and people from around the world took to social media.