The internet is worth £100 billion a year to the British economy

"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).

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.

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."

Source: Research commissioned by Google, and reported by BBC News, 28th October 2010
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