The UK has the largest ‘internet economy’ of any country in the world and will remain ahead of other nations over the next few years, a new report has revealed.
Online business contributed £121 billion to the overall UK economy in 2010, representing 8.3 per cent of GDP, and is expected to rise to a contribution of £225 billion by 2016. Paul Zwillenberg, BCG partner & co-author of the report, said: “The internet economy offers one of the world’s few unfettered growth stories. “Policymakers often cite GDP growth rates of around ten per cent per year in the developing markets, but they look past similar rates close to home.”
Dan Cobley, Managing Director of Google UK, commented on the research: “This report is massively encouraging and shows that the UK Internet is leading the world in ecommerce.
“At a time of financial uncertainty, the UK Internet economy continues to grow at an incredible rate, creating thousands of new businesses and jobs.”