That’s the Internet economy element of GDP for all the G20 group of countries, of course, according to a comprehensive report by The Boston Consulting Group (BCG) published yesterday, The $4.2 Trillion Opportunity*.(Accessible in full on registration).
As per this graphic BCG assess the UK’s Internet economy to represent 8.3% of our GDP of $2.3 trillion in 2010 and we are 1% ahead of #2 South Korea. By 2016 they anticipate that it will reach 12.4% of our economy and be 4.4% ahead of our nearest rival.
The Country Profile section of the report has a one/two page pictorial summary of each of the 19 constituent country’s Internet economy plus the 20th member of the G20 the EU.
The UK, they assess, as having a compound annual growth rate in online retail of around 15%, which is significantly less than our analysis of the ONS statistics for Internet sales so there could be some upside here! BCG have a concept of ROPO sales, researched online but purchased offline, presumably by a bricks and mortar visitation. We like the concept but wonder about the acronym!
Overall a most useful report and well worth retaining for, in particular, its country coverage and content.
As a parting shot we couldn’t help noticing that only one country has, in 2010, an Internet economy that is greater than Apples market capitalisation and that’s the US of A at $684 billion which got us wondering who will be the first to a trillion!
*The $4.2 Trillion Opportunity is BCG’s assessment of the total G20 Internet economy in 2016.