IT spending in Bulgaria exceeded $944 mln in 2007, with YTY growth of 32.3%. Measured in local currency, the market expanded 20.5% YTY, according to IDC. The largest vertical market in terms of IT spending in Bulgaria in 2007 was the communications sector, which invested almost $210 mln in IT, representing 22.2% of total IT expenditure in the country. The manufacturing sector placed second with 14.5% market share, followed by the financial sector with 13.2%. IDC expects demand for hardware, software, and IT services in Bulgaria to continue growing at an average annual rate of around 25% over the next five years to reach almost $2.4 bln in 2012.