In this paper we investigate the impact of computer investments on productivity, and eventually check far the existence of development dynamics stimulating such investments. While a large number of studies can be found at the firm level, there is a substantial lack of analyses at the macro-leve1. We focus on 28 Italian manufacturing and service sectors, aver the period 1995-2002. Controlling far inter-industry spillovers, ICTs investments proved to positively and significant1y affect productivity. Moreover those sectors with lower levels of productivity in 1995 showed up higher average annual growth rates of investments in computer equipment. The case far tailored policy actions is eventually discussed.