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Digital sector contributes £400m a day to UK economy

The digital economy contributes £400m to the UK each day and grows more quickly than the economy itself, according to new government figures.

Companies in the digital sector generated £149bn for the UK in 2018, accounting for 7.7% of the overall economy, according to the Sectors economic estimates released by the Department for Digital, Culture, Media and Sport (DCMS).

The figures show a growth increase of 7.9% on the previous year, and the report points out that digital businesses grew about six times more rapidly than the whole economy, which grew by 1.4%.

MXC Capital (LON:MXCP) is a Guernsey based and AIM quoted permanent capital vehicle that invests in technology companies.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.