BERLIN (Reuters) – Germany’s IT and telecommunication (ITC) sector is predicted to hurry up its development this 12 months and clearly outperform Germany’s ailing financial system, a examine by German digital affiliation Bitkom confirmed on Wednesday.
Based on the examine, the sector’s revenues are anticipated to rise by 4.4% to 224.3 billion euros ($245.09 billion), in comparison with a 2.0% enhance final 12 months.
“Even below troublesome financial situations, characterised by geopolitical crises and price range cuts, gross sales and employment (throughout the sector) are growing,” stated Bitkom President Ralf Wintergerst.
The business’s predicted development for this 12 months is, nevertheless, gradual compared to different international locations, together with India, seen up 7.9%, the U.S. anticipated to extend 6.3% and China, estimated to develop 5.7%.
“To ensure that Germany to catch up when it comes to digitalization, corporations and administrations must ramp up their investments extra decisively,” Wintergerst stated, urging the federal government to place digitalization and financial development on the centre of its insurance policies.
Based on estimates of the Worldwide Financial Fund, Germany’s financial system as an entire is predicted to develop solely 0.9% in 2024, which stays effectively beneath the typical of 1.4% for superior economies.
($1 = 0.9152 euros)
(Reporting by Klaus Lauer, Writing by Nette Nöstlinger, Enhancing by Linda Pasquini and Madeline Chambers)
