UK's internet economy is worth £100 billion

Wiggle hails rising online business; overseas transactions rocket 416 per cent for firm
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The rising importance of the internet to the UK's economy has been measured at £100 billion a year, according to recent research.

Internet business' contribution to the UK's gross domestic product (GDP) is set to rise by ten per cent annually, stated Boston Consulting Group.

Online cycle retailer Wiggle has hailed the news, saying it reflects its own rising sales and traffic figures. The firm said the Wiggle site has seen more than 3.5 million visitors - a 52 per cent increase on the same period last year.

International business has been booming for Wiggle too, with 416 per cent increase in overseas transactions and a 225 per cent increase in revenue.

"This is great news for the online industry and shows to us that online retail is really on the up," said Martin Talbot, Wiggle's director of marketing. "We know that people shop at Wiggle because shopping online is convenient, safe and simple.

"The range of products available and value for money makes it increasingly popular for consumers. For this reason, we expect the figures to keep on rising."

According to the Google-commissioned research, if the internet was an economic sector, it would be the UK's largest.

Google UK MD said: "The internet is a central pillar of the UK's economy. The sector has come of age and will be vital to the UK's future prosperity."

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