Hungary Information Technology Report Q4 2015
BMI View: Forint depreciation against the US dollar in 2015 will be a drag on Hungarian IT marketgrowth, with our Hungary Country Risk team's more bearish forint view in Q4 reflected in a downgrade tothe IT market growth forecast in US dollar terms. The relatively weak outlook also extends over the mediumterm, with the Hungarian economy expected to remain regional underperformer, extending the trend ofrecent years. However, IT market spending growth should strengthen as the economic environmentimproves, particularly in the latter years of our forecast. This will enable vendors to tap into the potentialpresented by relatively low penetration rates, combined with declining device prices at the global level - aswell as strong cloud computing demand growth as solution supply and end-user awareness levels increaseover the medium term.
Headline Expenditure Projections
Computer Hardware Sales: HUF215.4bn in 2014 to HUF217.7bn in 2015, growth of 1.1% in localcurrency terms. Although growth in forint terms forecast, depreciation means this translates to acontraction of nearly 17% in US dollar terms - as well as a contraction in desktop, notebook and tabletshipments.
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