Business

AI could grow Northern Ireland GDP by £2.6bn by 2030 - PwC

The use of artificial intelligence could boost the north's GDP by £2.6 billion by 2030
Gareth McKeown

THE USE of artificial intelligence across the UK's industrial and commercial activities could boost the north's GDP by £2.6 billion by 2030 it has been forecast.

New research from PwC states that the use of artificial intelligence (AI) could provide Northern Ireland household with an £1,900 a year spending power, with improvements coming from gains in productivity, new business investment and product improvement.

AI refers to computer systems that can sense their environment, think, learn and then take action as a result. This ability to respond to the environment sets artificial intelligence apart from automation of routine tasks.

PwC's research estimates that there will be significant gains across all UK regions with England set to see the greatest gains from AI with a 10.6 per cent rise in GDP by 2030. Northern Ireland is set to see a more muted gain of 5.4 per cent. Scotland and Wales are expected to experience GDP gains of between eight and 9.5 per cent.

Although Northern Ireland may not experience the total GDP impacts on the same scale as the other regions because of fewer European and global trade links, there could be an annual spending power increase of around £1,900 annually, only marginally less than the equivalent projected for England.

PwC economist Jonathan Gillham said the research shows the huge boost artificial intelligence technology could have on the UK economy.

“AI will make everyday products better, more personalised and cheaper over the longer term, which we predict will fuel increased demand. Automating the more mundane and repetitive aspects of people's jobs will also increase the UK's productivity, boost wages and give people more free time.”

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