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Business in Digital Sector at Two-Year High

Business confidence in the digital sector reached a two-year high in March, with IT and telecoms providers benefiting from accelerated digital rollout in public and private sectors.

Confidence returns to IT and telecoms industries

Confidence in the IT and telecoms industries has returned to pre-coronavirus levels, with the digital sector recording a two-year high according to digital association Bitkom. The business climate is currently showing strong improvement, recording a two-year high in March of this year. The results of the Biktom-ifo Digital Index – calculated from industry actor assessment of the current business situation and future business expectations – rose by 7.8 points to 26.5 points in March, the highest level since May 2019.

Digital market demand positive despite coronavirus crisis

Confidence within the domestic digital sector is high, despite the country standing on the verge of a potential third Covid-19 wave, with the national seven-day infection incidence rate hovering at or significantly above the 100 level. Bitkom president Achim Berg sees renewed optimism in the digital industry, with business enjoying the acceleration of digitalization measures within companies, public administrations and private consumers in response to the pandemic. Assessments of the business climate have improved across the board over the past year, with demand for digital products and services stable despite coronavirus-related restrictions across the country.

Companies to expand workforce as economic mood brightens

The healthy economic outlook is also reflected by the fact that the majority of companies surveyed intend to increase their workforce size in the next quarter, with Bitkom-ifo Digital Index employment expectation levels up 4.5 points to 23.3 points. The positive mood in the economy as a whole has improved according to the ifo institute, with both business climate and business situation rankings improving significantly.

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