Spending on online advertising is showing great growth around the world, new figures have suggested.

Published by the European Information Technology Observatory (EITO), the report said that turnover from internet marketing worldwide will increase by 23 per cent by the end of 2008.

This will take the total amount spent on the medium to €31.7 billion (£25.4 billion), with European expenditure to grow to €9.1 billion and US spending to reach €13.6 billion, according to EITO.

Chairman of the research organisation Bruno Lamborghini said: "The internet economy in Europe is developing very dynamically and making great strides towards catching the leader, the USA."

In the UK, spending on internet marketing rose by 21 per cent in the first half of 2008, driven by the search engine marketing sector, according to the Internet Advertising Bureau.

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