UK economy surprisingly grows in July on AI boost
The Office for National Statistics said gross domestic product expanded 0.4% in the month, building on growth of 0.3% in June.
Britain's economy expanded unexpectedly in July, driven by the artificial intelligence sector, according to official data released Friday. The Office for National Statistics (ONS) reported that gross domestic product (GDP) grew by 0.4% in the month, building on growth of 0.3% in June. Analysts had forecasted zero growth for July.
The expansion in GDP output over the three months to the end of July also stood at 0.4%. The services sector continued to perform strongly, though this was partly offset by declines in production and construction over the same period, Liz McKeown, director of economic statistics at the ONS, stated in a release. Within the services sector, computer programming emerged as the leading contributor, continuing its robust growth trend throughout the year.
The improvement in this sector was attributed to the increasing influence of AI and related technologies in businesses. The data provided a positive boost to UK Prime Minister Andy Burnham and his finance minister, John Healey, as they prepare for the Labour government's upcoming budget update.
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- UK economy unexpectedly grows 0.4% in July boosted by AI theguardian.com
- UK economy surprisingly grows in July on AI boost freemalaysiatoday.com
