UK The Most 'Internet-Based' Economy

A new study has revealed that the Internet accounts to 8.3 per cent of the British economy, making it the world's largest web-based economy.

Worth approximately £121 billion back in 2010, researchers at the Boston Consulting Group have concluded that the UK's "internet economy" is the biggest in the world - enjoying a larger share within online business than that of its G20 counterparts.

Amounting to over £2,000 in Internet-based revenues per British resident, the web economy is now deemed to worth even more than the construction, education and healthcare sectors - with the UK undertaking more retail trade online than any other major economy. It's estimated that roughly 13.5 per cent of all purchases were done online in 2010 - and is set to rise to 23 per cent in the next four years.

According to the researchers, the overall UK web economy is set to enjoy a heady success for the foreseeable future; predicting the online industry to expand at a rate of 11 per cent for the next four years, totalling a value of £221 billion by 2016.

Compared to the projected growth rates of 5.4 per cent in the US and 6.9 per cent in China, this signifies a huge leap in the demand for online business here in the UK.

Source: BBC