Accounting for 8.3 per cent of the British economy, a new study has found that the UK is the world's most internet-based economy
The UK has been labelled the world’s most internet-based economy with online businesses accounting for 8.3 per cent of the national income.
The new figures, compiled by researchers at the Boston Consulting Group, found that the UK’s “internet economy”, which accounts for a higher percentage of the country’s overall economy that any other G20 nation, was worth a staggering £121 billion back in 2010.
The lofty internet-based revenues, which equate to more than £2,000 per British resident, saw the web responsible for a larger proportion of the UK’s economy than the healthcare, education and construction sectors.
Expected to continue its rapid growth at a rate of 11 per cent a year, the BCG findings have suggested that a massive 13.5 per cent of all retail purchases in the UK were made online in 2010, a figure which is expected to rise to 23 per cent by 2016.