The UK digital tech industry is outstripping the broader economy’s growth rate, a trend highlighted by recent reports.
Tech Nation 2018 reveals digital tech turnover increased by 4.5% from 2016-17, significantly faster than the 1.7% GDP growth, illustrating the sector’s vibrancy.
The UK digital tech sector is experiencing a remarkable expansion, outpacing the nation’s overall economic growth by a substantial margin. Turnover in digital tech firms grew by 4.5% between 2016 and 2017. During the same period, the UK’s Gross Domestic Product increased by only 1.7%. This stark contrast underscores the tech industry’s powerful momentum.
As the tech sector thrives, it is creating high-skilled, well-paying positions that are vital for economic advancement. These roles are a beacon for talent, fostering an environment ripe with innovation and entrepreneurial spirit.
Additionally, Truphone attracted £249 million, reflecting the global interest in the UK tech market. Such investments are pivotal in propelling the tech sector forward, enabling companies to innovate and expand at unprecedented rates.
Moreover, this trend extends to eight cities enjoying increased tech employment, including Bristol, Cambridge, and Southampton, demonstrating the geographic diversification of the UK’s tech boom.
Their success stories are a testament to the UK’s fertile entrepreneurial environment, which nurtures high-growth potential enterprises and draws significant investor interest globally.
Such acquisitions highlight the burgeoning potential of UK’s tech sector, affirming its robust global reputation.
Digital Secretary Matt Hancock has emphasised the government’s commitment to sharing digital tech benefits nationwide.
As the UK digital tech sector accelerates beyond the rest of the economy, it establishes itself as a vital component of national growth.
With continued investment and government support, the sector is well-positioned to sustain this momentum, driving innovation and creating opportunities nationwide.
