The Internet Economy
The ‘Internet ‘Economy’ is said to contribute almost as much to the UK economy as financial services, according to the Boston Consulting Group.
2010 figures put the ‘internet economy’ as contributing 8.3% of UK GDP, and the financial services sector as contributing 9 % of GDP.
It would be reasonable to assume that financial services have shrunk since 2010. The internet sector, however, is expected to grow to 12.4% of UK GDP by 2015.
Boston Consulting say the UK internet sector was worth $187 billion in 2010, and will be worth $347 billion by 2016.
So far so good. The figures suggest a plethora of tech start-ups, rampant entrepreneurs pursuing breakthrough technologies and a host of mini-Googles and Zuckerbergs.
Unfortunately that would be misleading.
The term ‘internet economy’ apparently includes stuff like on-line shopping.