Revenue from information and communications technology (ICT) services stood at $52.2 billion in the first five months of 2023, a year-on-year fall of 8 per cent, figures from the Ministry of Information and Communications (MoIC) show.

Turnover from hardware and electronic exports was $43.9 billion, down 7.42 per cent.

Shipments of computers and components totaled $20.3 billion, down 15 per cent.

The ministry said the world economy continues to face difficulties as a result of recession in many countries while information technology consumption is down, affecting the export of products and services, including information technology products.

However, the number of newly-established enterprises in the sector has increased, with figures from the Ministry of Planning and Investment revealing that new and existing enterprises totaled 71,500 as of the end of May, up by 200 compared to April.