Russian IT spending to grow by 26% in 2004

The IT market in Russia reached 5.4 bln euros in 2003 and is expected to grow by 26% in 2004, according to IDC. By 2008, Russian spending on IT is expected to exceed 13 bln euros. In 2003, Russia enjoyed a period of unprecedented economic growth that fueled spending in both the business and consumer segments of the IT market. The government sector accounted for the largest share of IT spending in Russia. Process manufacturing and agriculture, construction and mining tied for second, with the home vertical a close fourth. Altogether, these verticals represented almost 48% of IT spending in Russia in 2003.