The UK has the world’s most Internet-dependent economy, according to research from the Boston Consultancy Group (BCG).
Internet-related economic activity in the UK was worth £118 billion during the year, or 8.3% of the country’s gross domestic product. This is more twice the average among G20 countries.
The UK was followed by South Korea and China, where the online economy made up 7.3% and 5.5% of GDP respectively. China’s online economy was worth $326 billion in 2010, estimated to be worth $852 billion by 2016.
Boston Consulting Group predicts that the UK’s Internet-based economy will grow to £219 billion by 2016, faster than the overall economy to make up 12.4% of the nation’s GDP.
However, developing economies such as Argentina and India, will see there Internet-based economies grow up to twice as fast in that time, by 24% and 23% respectively, BCG predicted.
Overall, Internet-related economic activity will be worth $4.2 trillion worldwide by 2016, BCG estimated. “If it were a national economy, it would rank in the world’s top five, behind only the U.S., China, India, and Japan, and ahead of Germany,” said David Dean, a co-author of the report.
The study used a number of different data sources, including the Economist Intelligence Unit, Ovum, Gartner and the Office for National Statistics. Link to full BCG report – registration required.