European Economic Woes to Affect IT SpendingBy Baselinemag | Posted 2010-07-01 Email Print
The euro has been struggling since earlier this year, spilling out from countries like Greece and Spain to impact the entire European Union.Gartner analysts trimmed their worldwide IT spending forecast for 2010, saying they now expect spending increases to reach 3.9 percent, not the 5.3 percent predicted earlier this year. The European debt crisis is the primary culprit.
The economic woes in Europe will have a negative impact on worldwide IT spending for the rest of the year, according to research firm Gartner.
Gartner analysts in a report July 1 said they expect global IT spending in 2010 to hit $3.35 trillion. That would be an increase of 3.9 percent over the $3.25 trillion that was spent in 2009, but a drop from the 5.3 percent growth Gartner had predicted in the first quarter.
Much of that decline is due to the devaluation of the euro vs. the U.S. dollar, according to Gartner.
To read the original eWeek article, click here: European Crisis to Hurt IT Spending: Gartner