Digital sector worth more than £400 million a day to UK economy

According to new Government figures, the digital sector contributed to £149 billion to the country during 2018, accounting for 7.7 per cent of the UK economy.

The figure represents an increase of 7.9 per cent on the previous year, meaning that growth in this sector is almost six times larger than the growth across the economy as a whole (1.4 per cent).

It works out to be worth more than £400 million a day to the country.

Before 2015, the sector had been growing alongside the wider rate of UK economic growth. However, the official figures show that from that year, the growth of the digital sector began to exceed the economy as a whole and the trend has continued ever since.

The figures take into account the contributions of digital businesses up and down the country across a range of specialisms, including software providers such as Sage, which has now grown to employ more than 13,000 staff.

Julian David, CEO, TechUK said: “Today’s figures show that the UK’s digital sector continues to be the UK’s modern success story. We want to see these successes felt in every community up and down the country, levelling up on skills, investment and opportunities.

“To guarantee the UK’s future as one of the world’s most significant digital economies it is vital that we act now to ensure that people have the skills to take advantage of what is a huge growth sector.

We must also pursue an independent trade policy that has digital at its heart whilst cementing our close collaboration with our European friends and partners.”

Posted in Latest News, The economy.