London: The UK's economy grew faster than expected in July, partly helped by businesses using artificial intelligence (AI). The economy expanded by 0.4%, the Office for National Statistics (ONS) said, noting that growth in July was helped by a strong performance from the services sector, and particularly computer programming.
According to Emirates News Agency, the ONS reported that in the three months to July, which provides a better underlying picture, the economy grew by 0.4% compared with the previous three months. July's figure follows growth of 0.3% in June and zero growth in May.
The ONS director of economic statistics, Liz McKeown, highlighted evidence that businesses involved with AI and related technologies contributed to boosting the sector, not just in July but in May and June as well. The ONS noted that many of the IT businesses reporting the largest turnover "appear to be involved with AI," though quantifying the exact impact of AI remains a challenge.
Chancellor of the Exchequer John Healey commented on the economic progress, stating that the economy was "demonstrating a welcome resilience, despite serious global uncertainty." He further remarked that the UK's growth, although still fragile, was the fastest in the G7 during the first half of the year.