The results will be viewed as good news by the technology sector, which has endured a torrid time recently, reflected in a worldwide IT slide of 1.1% during 2001.
According to a report into the views of US and European chief information officers by US investment bank Merrill Lynch, the predictions could be surpassed if the economy showed definite signs of recovery.
Last year European budgets grew 2.6% while US budgets fell 2.8% in 2001. Predictions for 2003 are even more encouraging, with US CIOs expecting a 6.8% increase, while their European counterparts believe 12.1% growth is attainable.
The biggest areas of growth are expected to be in storage and software, while personal computer spend is expected to fall.
The report did contain a sting in its tail however; with 75% of the 110 CIOs questioned, saying 2002 will be a bad year for software vendors, except for the larger players like IBM, Microsoft, Dell and Compaq.
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast