Internet industry contributes $2.1 trillion to the U.S. economy: industries group

FILE PHOTO: The Amazon logo is seen in the Young Entrepreneurs fair in Paris, France, on February 7, 2018. REUTERS/Charles Platiau

WASHINGTON (Reuters) – The fast-growing internet sector, accounting for $2.1 billion to the U.S. economy by 2018, or roughly 10% of the country’s gross domestic product (GDP), an industry group said on Thursday.

The Internet Association, a group that Inc. (AMZN.O), Facebook Inc (FB.(O) in the Alphabet a, Inc. (“GOOGL.(O), Twitter Inc (TWTR.(N), The Uber Technology, Inc. (The UBER.And a lot of other companies, has its estimate, as the technology sector, has increasingly come under criticism, with some lawmakers calling for the break-up of the big companies, and the new antitrust investigation.

The study says that the internet industry represents the fourth largest sector of the economy in the U.S., behind real estate, government, and industry.

Last year, the output amounted to about $2.3 trillion to the U.S. gross domestic product.

The study found that the internet sector has nearly 6 million direct jobs, which represents about 4% of U.S. employment, while in the U.S., internet companies spent $64 billion on capital expenditures. The study also found that the internet sector is indirectly supporting another 13 million jobs created.

In 2015, the Internet Association estimates the industry is responsible for an estimated $966.2 billion, or 6% of GDP in 2014.

The U. s. Bureau of Economic Analysis (BEA) in April, with an estimate of the “digital economy” is good for 6.9% of the 2017 U.S. GDP, or $1.35 billion in 2017, placing it in seventh position overall. This definition includes the digital switching infrastructure, e-commerce transactions, with digital media, but it doesn’t include ride-sharing services, and other goods and services in the “sharing” economy.

The Internet Association, the study used the Census, the BEA, and the SEC, the government, the data from the 2018 estimate for the internet sector’s contribution to the U.s. economy. The group’s chief economist, Christopher Hooton, said that the industry is creating jobs in all sectors of the economy,” and said that the new analysis more accurately captures the internet’s economic impact.

The BEA’s survey noted that employees in the united states. in the digital economy, earning $132,223 are in the average, the fee in 2017, as compared to $68,506 per employee for the entire U.S. economy.

Report by David Shepardson; Editing by Sandra Maler

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