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| UK internet economy 'worth billions' | UK internet economy 'worth billions' |
| (about 7 hours later) | |
| The internet is worth £100bn a year to the UK economy, a study has concluded. | The internet is worth £100bn a year to the UK economy, a study has concluded. |
| The research, which was commissioned by Google, found that the internet accounts for 7.2% of the UK's gross domestic product (GDP). | The research, which was commissioned by Google, found that the internet accounts for 7.2% of the UK's gross domestic product (GDP). |
| If the internet was an economic sector it would be the UK's fifth largest, said the report from the Boston Consulting Group (BCG). | If the internet was an economic sector it would be the UK's fifth largest, said the report from the Boston Consulting Group (BCG). |
| This would make the sector larger than the construction, transport and utilities industries. | This would make the sector larger than the construction, transport and utilities industries. |
| Central pillar | Central pillar |
| Some 60% of the £100bn a year figure is made up from internet consumption - the amount that users spend on online shopping and on the cost of their connections and devices to access the web. | Some 60% of the £100bn a year figure is made up from internet consumption - the amount that users spend on online shopping and on the cost of their connections and devices to access the web. |
| The rest comes from investment in the UK's internet infrastructure, government IT spending and net exports. | The rest comes from investment in the UK's internet infrastructure, government IT spending and net exports. |
| The report, The Connected Kingdom: How the internet is transforming the UK, says that the internet's contribution to GDP is set to grow by about 10% annually, reaching 10% of GDP by 2015. | The report, The Connected Kingdom: How the internet is transforming the UK, says that the internet's contribution to GDP is set to grow by about 10% annually, reaching 10% of GDP by 2015. |
| The UK, according to the report, is the world's leading nation for e-commerce. For every £1 spent online to import goods, £2.80 is exported. | The UK, according to the report, is the world's leading nation for e-commerce. For every £1 spent online to import goods, £2.80 is exported. |
| "This is the opposite of the trend seen in the offline economy, which exports 90p for every £1 imported," the report says. | "This is the opposite of the trend seen in the offline economy, which exports 90p for every £1 imported," the report says. |
| Internet companies play a vital role in employment with an estimated 250,000 staff, the report finds. | Internet companies play a vital role in employment with an estimated 250,000 staff, the report finds. |
| Small businesses that actively use the internet report sales growth more than four times greater than that of less active companies. | Small businesses that actively use the internet report sales growth more than four times greater than that of less active companies. |
| The report also attempts to compare the UK to other countries in the Organisation for Economic Co-operation and Development (OECD). | The report also attempts to compare the UK to other countries in the Organisation for Economic Co-operation and Development (OECD). |
| Under its scoring system, the UK ranks sixth, above Germany, the US and France. The highest ranked country is Denmark. | Under its scoring system, the UK ranks sixth, above Germany, the US and France. The highest ranked country is Denmark. |
| "The internet is pervasive in the UK economy today, more so than in most advanced countries," said Paul Zwillenberg, partner with BCG. | "The internet is pervasive in the UK economy today, more so than in most advanced countries," said Paul Zwillenberg, partner with BCG. |
| "Several industries - including media, travel, insurance and fashion - are being transformed by it." | "Several industries - including media, travel, insurance and fashion - are being transformed by it." |
| Matt Brittin, managing director of Google UK, said: "The internet is a central pillar of the UK's economy. | Matt Brittin, managing director of Google UK, said: "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," he added. | "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," he added. |
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