The AI boom that has been driving the stock market for several years is now clearly evident in economic activity too. In particular, we suspect that AI explains most of the pick-up in ICT sector growth in the first half of this year, which added an additional 0.5% points to overall GDP growth. At the same time, however, ICT industries have also been shedding employees, which points to a marked acceleration in productivity growth. Over the next few years, we expect the impact of AI to broaden, as it begins to boost GDP growth in other service sectors too.
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