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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

Mariel Norton is a self-confessed girly geek with a penchant for technology, and joins ITProPortal with just over a year's experience under her online belt. A copywriter by day and a freelance writer by night/weekend, Mariel is an avid volunteer - lending her charitable services throughout the world. Specialising in social media, apps, and video games, Mariel hopes to intertwine her love of technology with the English language to produce amusing anecdotes of ambiguous algorithms and alliteration