The internet will inject €6 billion into the Irish economy by 2016 according to a new report.
A study on Ireland"s Digital Future by cable operator UPC has been published today.
It finds that 2.6 Irish people will spend €5.7 billion online in 2016.
At the moment the Internet economy accounts for roughly 3% of Irish GDP and this is set to double to 6% over the next 4 years.
The UPC Report identifies that the Internet will contribute €11.3 billion annually to the Irish economy in 2016 rising from €4.7 billion from 2010 if current trends are maintained.
- This will be underpinned by 2.6 million online shoppers who will spend €3.7 billion in 2012 rising to €5.7 billion (7% of all consumer spending) in 2016.
- The UPC Report estimates that this can translate into increased employment of 18,000 or more if Irish society and industry can keep pace with the digitisation levels of our UK and Scandinavian counterparts
- Internet usage in Ireland is growing exponentially and there has been an 800% increase in total Internet traffic per month since 2009 (Source: INEX)
When asked what is the one service in their homes that they could not live without the number 1 choice for over 1/3 of Irish adults in 2012 is broadband over electricity, television, phone and water (at just 6%).
UPC CEO Dana is Strong.
She says it also has the potential to create thousands of jobs.