Morgan Stanley economist Bruna Skarica says UK monthly GDP appears to be
benefiting again from strong white‑collar services, led by the information and
communication technology (ICT) sector. ICT output is up 6.7% YoY and has risen
45.4% since Q4 2019, versus a 6% increase in overall value‑added over the same
period. Sectors most exposed to rapid AI diffusion are simultaneously boosting
GDP and productivity, she notes. Given the Bank of England said structural
productivity growth was negative last year, Skarica says the bank should comment
further on the trend this year.
