British e-conomy is a mind-boggling £100bn

A study commissioned by Google UK has shown the British are becoming feverish on-line entrepreneurs and consumers with online businesses now topping sectors such as construction, education and health.

The study called Connected Kingdom covers online consumption in Britain during 2009 and raises some very interesting points regarding the UK 'Internet economy'.

According to the study, performed by Boston Consulting Group, the total amount of online business generated by UK companies amounts to a whopping £100bn, or an equivalent 7.2 per cent of GDP. Unfortunately, the interwebs isn't a sector in and of itself, but mostly a channel through which business is performed or through which services are procured.

British consumers like to buy online, apparently, with 60 per cent of all online transactions being generated by consumers who really like their shopping. £50bn was spent on online shopping last year, and half of all travel was booked on-line. The study notes that even when the deal isn't closed online, consumers resort to the web to seek out more information and advice on the product they seek to buy. Britain also keeps a positive trade balance, exporting £2.80 worth of business for every pound imported.

Another interesting stat thrown into the mix is the one about over 250,000 people in the UK working in the "internet business". The amount of business generated by B2B was not counted towards the prior £100bn calculation. According to Connected Kingdom, the total value of B2B business is an estimated £360 billion extra.

Of course, being commissioned by Google, the study does show the online business in positive light, with prospects for double-digit growth for the next five years, where it should become one of the leading 'business sectors' in the UK, hitting the £10 billion mark.