By ET Bureau - October 04, 2019 1 Mins Read
Last year, in 2018, almost 10% of US GDP came from the internet sector, reports The Internet Association, a group representing Amazon.com Inc, Facebook Inc, Alphabet Inc., Twitter Inc, Uber Technology Inc, and many other firms. The sector accounted for $2.1 trillion of the U.S. economy the industry group said. These figures come to fore when the technology sector is facing increasing criticism and skepticism over its business practices, globally.
The sector is the fourth largest in the economy of the United States and accounted for 6 million direct jobs, and the firms in the sector spent $64 billion in capital expenditures. The number of indirect jobs the sector provides could be as high as another 13 million!
The Internet Association study used data from Census, BEA, and from SEC government figures in 2018, to reach these conclusions about the contribution to the internet sector to the US economy.
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