IT sector on track to curtail double-dip

Business confidence in IT and technology is higher than in any other key industry and is grounds to suggest the current double-dip recession is likely to be short-lived, a second quarter report says.

In its latest business confidence monitor, Grant Thornton scored the ICT sector at plus 26.5 - up from 4.7 in the first three months of the year, and representing the highest level since Q2 2011.

The rising confidence among technology and technical staff employers is being led by increased forecast for domestic sales, which are expected to leap 6.3% over the next 12 months, compared with only 3.2% growth in the last quarter. On a national basis, IT is also in front.  According to the business monitor, the sector is on course to outperform on growth to turnover (7.3% vs. 4.6%), gross profits (7.4% vs. 4.3%) and sales volumes.