A study by the Boston Consulting group has revealed that the Internet is more than £100bn to the UK economy. Commissioned by Google, the research indicates that the Internet accounts for around 7.2% of the UK’s GDP.
As a sector that makes the Internet the 5th largest in the UK, bigger than construction, transport and utilities.
Around 60% of this £100bn value comes from online shopping, and the price we all pay to connect ourselves – and our websites – to the Internet. The remainder is attributed to spending on IT by the Government, and net exports too.
Not only is this contribution huge, the reports indicate that it is set to grow too, forecast to increase by 10% annually for the next 5 years. The study also showed that the UK is world’s leading nation for e-commerce.
Other top Internet nations include:
• Republic of Korea
• United Kingdom
This economic contribution also involves the generation of around 250,000 jobs.
And what does this show for small business?
Well the good news for WebEden website builders is that those small businesses that actively use the Internet show sales growth that outstrips their reclusive competitors by around four times.
Here’s the comment:
Paul Zwillenberg, partner with BCG commented: “The internet is pervasive in the UK economy today, more so than in most advanced countries.”
“Several industries – including media, travel, insurance and fashion – are being transformed by it.”
Matt Brittin, of Google UK added: “The internet is a central pillar of the UK’s economy.
“The sector has come of age, and with great prospects for further growth the UK internet economy will be vital to the UK’s future prosperity”.
Well then WebEdeners
Give yourself a pat on the back. In part due to your efforts in building and running a website, you’re helping to add to the UK economy and transform it into one that leads the way in online.
Have you seen the benefit from turning to online? What ways has having a website helped your business? Leave us a comment below.