This report does not constitute a rating action. Europe's digital buildout is expanding steadily, rather than spectacularly. Digital transformation in Europe is service-heavy and dispersed across countries, unlike the boom in the U.S. Nevertheless, the shift in the information and communication technology (ICT) sector is real and increasingly visible in trade, investment, employment, and productivity. Trade in computer services and rising investment in software, databases, and ICT equipment are helping to support the European economy's resilience to recent global shocks (see"Economic Outlook Europe Q4 2026: Resilient Demand Meets Persistent Pressure ,"published Sept. 23, 2026). The ICT sector accounts for about 5.2% of total EU value added--this is more than the construction sector and similar to the financial
