German digital association sees slowing growth in 2017
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
FRANKFURT (Reuters) - Germany's telecommunications and IT industry association expects slowing growth next year as a boom in demand for expensive smartphones ends, sales of PCs and notebooks slow and price competition and regulation dampen telecom operators' revenues.
Industry revenues are expected to grow 1.2 percent to 162 billion euros ($181 billion) in 2017, industry association Bitkom said on Tuesday, reiterating its forecast for 1.7 percent growth in 2016.
Bitkom represents companies employing a total of 1 million people, more than any other sector in Germany bar engineering. Major employers include SAP, Deutsche Telekom and United Internet.
"Considering economic turbulences such as Britain's decision to leave the European Union or recent concerns about the banking sector, it is good news that we are able to confirm our forecasts that we made in spring," said Bitkom President Thorsten Dirks, who is also chief executive of Telefonica Deutschland.
Software will continue to drive growth, Bitkom said, with sales up 6.2 percent in 2016.
Network operators - who account for one-third of Bitkom's total industry sales - are expected to spend 2.1 percent more on infrastructure next year but make 0.6 percent less in revenue.
($1 = 0.8928 euros)
(Reporting by Georgina Prodhan; Editing by Mark Potter)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cameroon train derails; at least 55 dead, hundreds injured
- U.S. to seek ex-HSBC executive's extradition from Britain
- Victim of ex-Subway pitchman drops charges in Indiana suit
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!