IT, telecommunications and digital consumer electronics markets in Europe are set to grow by three per cent to 761 billion euros (£600 billion) this year, according to the latest European Information Technology Observatory (EITO) report released in Brussels .

For 2009, further growth of 2.4 per cent to 780 billion euros is expected, according to the study.

EITO chair Bruno Lamborghini said that the IT industry is already achieving considerable gains at a high level.

"Based on solid growth in the European market and their enormous potential in know-how, European companies are well positioned to excel in global competition," he added.

Earlier this week, PR Web reported that the IT outsourcing market in central and eastern Europe has reached $3 billion (£1.5 billion).

Research Conducted by Ukrainian Hi-Tech Initiative, the Central & Eastern Europe IT Outsourcing Review 2007, suggested the region had reached levels of IT outsourcing industry development similar to India, China and Russia.


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