UK economy posts fastest annual growth in 18 months driven by AI sector
<p>London: Official data released on Friday showed the UK economy grew by 1.6 percent year-on-year in July, marking its fastest pace in 18 months and beating expectations of 1.2 percent, driven in part by strong activity in artificial intelligence and related technology sectors.</p> <p>According to the Office for National Statistics (ONS), the economy expanded by 0.4 percent month-on-month in…
The UK economy experienced its fastest annual growth in 18 months, expanding by 1.6 percent year-on-year in July, figures released by the Office for National Statistics (ONS) on Friday revealed. This marked a significant surge, surpassing expectations of a 1.2 percent increase.
ONS director of economic statistics Liz McKeown attributed this robust growth to the strong performance of artificial intelligence (AI) and related technology sectors. These sectors contributed notably to the economy's momentum during May, June, and July.
The economy also expanded by 0.4 percent month-on-month in July, a figure that outpaced initial forecasts of zero growth. This monthly increase followed a 0.4 percent rise in the three months leading up to July compared to the previous similar period.
McKeown highlighted that the warm weather and the World Cup were factors that impacted certain sectors, but the overall service sector, particularly computer programming, emerged as the primary driver of this economic expansion.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
