A study commissioned by Google has found that the internet is currently worth £100bn per year to the UK economy, and the figure is still rising.

The report, called The Connected Kingdom: How the internet is transforming the UK and conducted by the Boston Consulting Group (BCG), demonstrated that if the internet was a separate sector, it would be the UK’s fifth largest, accounting for 7.2 per cent of gross domestic product (GDP).

According to the research, the UK exports £2.80 online for every £1 imported. This compares favourably with figures for offline markets, where the UK exports 90p for every £1 imported, according to the report.

The report places the UK sixth out of the Organisation for Economic Co-operation and Development (OECD) countries on its ‘e-Intensity Index’. This measurement of the depth and reach of the internet in commerce and society also shows that the UK performs relatively poorly in terms of infrastructure. Areas beyond London and the south-east have lower internet consumption.

The UK is shown in the report at the top of the expenditure sub-index in terms of online sales, and spending on online advertising.

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