UK economy grows 0.7% in Q3, fastest pace in over two years

The UK economy expanded by 0.7% in the three months to September, marking its fastest growth rate in over two years, BBC reported.

Economists described this growth as "top gear" and "strikingly strong," a notable upgrade from previous terms like "solid" and "resilient."

This growth occurred despite global challenges such as disruptions to energy supplies, rising borrowing costs, and difficult weather conditions since the pandemic.

The average economic growth for the UK in Q3 periods since the pandemic has been under 0.1%, and recent forecasts had predicted only 0.1% to 0.3% growth for this quarter.

With this performance, the UK is on track to be the second fastest growing economy among G7 nations, behind the US.

Spending on artificial intelligence and technology sectors contributed significantly to this unexpected economic upside over the year.