The European Internet economy will be a £830 billion market by 2004, equal to nearly 15 percent of Western Europe's current GDP (gross domestic product) value, according to a new study from Gartner Group.

The electronic-commerce market in Europe, which is currently worth £28.46 billion, will grow to £770 billion in the same time period, making up the majority of the increase.

The four countries leading the e-commerce boom in Europe today will continue to lead in 2004, Nick Smith vice president of Gartner Group Services said in a press conference today.

The current leaders in Europe are Germany, with an estimated £8.79 billion in e-commerce transactions this year; closely followed by Britain, with £8.23 billion.

"Germany and the UK alone will account for over 50 percent of European e-commerce revenue in 2004," said Petra Gartzen, an analyst with Gartner.