UK Most Internet Based Economy

19 March 2012 10:30am - Victoria Wedderburn

    



UK Most Internet Based Economy

A new study, compiled by the Boston Consulting Group, suggests that the UK is the world’s most internet based economy with online businesses accounting for 8.3% of the national income, more than any other economy in the G20. The UK’s internet economy growth rate of 10.9% is higher than other developed nations in the G20, which are growing of an average of 8.1%. The report predicted growth rates of 11.5% in Italy, 7.8% in Germany, and 6.5% in the US. The figures show that the UK’s ‘internet economy’ was worth an astonishing £121 billion in 2010, more that £2000 per person, and it predicted to rise to £225 billion by 2016. The report shows that if the internet was a sector in the UK, it would be the fifth largest in the country, larger than the health-care, construction and education sectors.

Paul Zwillenberg, BCG partner and co-author of the report said, “The internet is growing at developing market rates in developed markets. It is crystal clear that the internet is the bright spot in many of the world’s economies, developed and developing.” He added, “Not only is it driving growth, it is also driving jobs.” Mr Zwillenberg said the UK, “has the second fastest e-gross domestic product growth among the developed markets in the G20, it leads the world in e-GDP percent, and it leads the world in e-commerce.” The research is encouraging as it shows that people in the UK are embracing the new technology, new skill-sets required and new ways of doing business.

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