The UK has retained its position as the largest Internet economy in the G-20, according to research released today by The Boston Consulting Group (BCG). The sector has seen strong growth since 2010, but the research argues that fresh digital-policy commitments are needed to ensure this trend continues.
New research from the Boston Consulting Group (BCG) shows that the Internet is now the UK's second-biggest economic contributor behind the property sector, having overtaken manufacturing and retail. BCG expects the Internet economy to contribute £180 billion to the overall economy in 2015, up from £120 billion in 2010. At 10 percent of gross domestic product (GDP), this is a larger percentage than in any other G-20 country. By 2016, the Internet economy will be contributing 12.4 percent of GDP in the UK, compared with a G-20 average of 5.3 percent.
"Among G-20 countries, the UK's digital economy is the largest as a proportion of GDP, and we expect the UK to retain its position," said Paul Zwillenberg, a BCG partner and digital economy expert. "The Internet economy in the UK, which includes online retailing, sales of Internet-related devices, IT and telecommunications investments, and Internet-related government spending, is expected to grow to more than £200 billion over the life of the next government and to double in size from 2010. But other G-20 members with rapidly growing online-retail sectors, such as China and South Korea, are closing the gap."
Read the BCG press release here
Read the BCG slide deck here