UK's 100 billion pound Internet economy leads the world in online business

London, Oct 28(ANI): A new report has found that the United Kingdom has the most developed Internet economy in the world with the largest online e-commerce market per person.

According to the report commissioned by Google, online business in the UK is worth 100 billion pounds a year, with Internet revenue making up 7.2 per cent of its gross domestic product (GDP).

It also said that the UK has the second largest online advertising market world wide, after the United States.

The report 'The Connected Kingdom: how the internet is transforming the UK' further said that for every pound spent online to import goods, 2.80 pounds is exported helping to make the UK the world's leading nation for e-commerce.

"The Internet is pervasive in the UK economy today, more so than in most advanced countries," the Telegraph quoted Paul Zwillenberg, one of the report's authors, as saying.

"Several industries - including media, travel, insurance and fashion - are being transformed by it," he added. (ANI)