UK economy gets most from the internet of all G20 economies

Research suggests the UK economy has the highest proportion of business (8.3%) derived from the internet of all G20 countries

The UK economy has the largest internet component of all G20 countries, according to research.

According to the findings of research by the Boston Consulting Group, the UK internet economy – comprising businesses that deliver services using internet infrastructure – was worth 8.3% of GDP in 2010.

This was the highest proportion of total GDP of all G20 countries.

The Boston Consulting Group’s report – titled The $4.2 Trillion Opportunity: The Internet Economy in the G-20 – found the internet economy was worth £121bn to the UK economy in 2010 and projects this to reach £225bn by 2016.

The research expects the UK's economy to retain the largest proportion of GDP derived from the internet when it reaches 12.4%.

In the G20 as a whole, the internet economy was worth £1.45tn, which was 4.1% of GDP. The Boston Consulting Group expects the G20 internet economy to reach £2.65tn by 2016, 5.3% of total GDP.

Dan Cobley, managing director of Google UK, said the report is encouraging and shows the UK internet economy is leading the world in e-commerce. “At a time of financial uncertainty, the UK internet economy continues to grow at an incredible rate, creating thousands of new businesses and jobs."

Read more on Web development