UK Economy Posts Fastest Annual Growth In 18 Months Driven By AI Sector
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.
According to the Office for National Statistics (ONS), the economy expanded by 0.4 percent month-on-month in July, defying forecasts of zero growth.
The economy also grew 0.4 percent in the three months to July compared to the previous three-month period.
ONS director of economic statistics Liz McKeown noted that AI and tech firms provided a noticeable boost to performance across May, June, and July, while warm weather and the World Cup generated mixed sector impacts.
ONS highlighted that robust service sector activity, particularly computer programming, served as the primary growth driver.
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