UK economy grows 0.7% in Q3 on AI boost
The Bank of England last week raised its UK economic growth forecasts for this year and next, citing stronger business investment linked to AI-related demand.
Britain's economy grew by 0.7% in the third quarter, according to official data released on Thursday, matching the growth forecast previously made. The Office for National Statistics (ONS) attributed this increase to the services sector, specifically computer programming, which has been a driving force throughout the year. This growth was observed despite the global disruptions caused by the US-Iran conflict.
The Bank of England had recently revised its economic growth forecast for the UK, citing strength in business investment linked to AI-related demand. The central bank also gave its first benchmark interest rate raise in over three years due to soaring energy costs that have driven global inflation. Despite these challenges, finance minister John Healey praised the UK's resilience, noting that the Middle East conflict has had a global impact but Britain is performing better than many other nations.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
