UK economy grew faster than expected in July
Summary
The UK economy grew by 0.4% in July, which was more than expected as economists had predicted no growth. This was mainly due to strong performance in services, especially computer programming and businesses connected to artificial intelligence.Key Facts
- The UK economy expanded 0.4% in July, according to the Office for National Statistics (ONS).
- Economists had expected no growth for that month.
- Growth in July followed 0.3% growth in June and no growth in May.
- The services sector, particularly computer programming, led the growth.
- AI-related businesses helped boost activity not only in July but also in May and June.
- Warm weather and the football World Cup influenced business activity unevenly across industries.
- For the three months ending in July, the economy grew 0.4% compared to the previous three months.
- Some experts warn growth may slow ahead of the Budget and mention risks from global events like the Middle East conflict.
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