Nepal’s ICT Sector Expected to Record 5.53 Percent Growth, Surpass GDP Average

 

Kathmandu. Nepal’s information and communication sector is expected to record economic growth above the national average in the current fiscal year 2082/83, according to the National Statistics Office's annual national accounts estimate released on Tuesday.

The office has projected a growth of 5.53 percent for the information and communication sector, compared with the country’s overall gross domestic product (GDP) growth estimate of 3.85 percent. This places the sector’s growth rate 1.68 percentage points higher than the national average.

The sector has also shown improvement compared to the previous two fiscal years. Growth stood at 4.88 percent in fiscal year 2081/82 and 4.91 percent in 2080/81. The statistics attributed this year’s stronger performance to the commercial expansion of computer programming, information services, Internet service providers (ISPs), and wireless communication services.

High growth rate in electricity and gas

Among all sectors, electricity and gas are expected to record the highest growth rate at 20.93 percent. The increase has been linked to electricity generation from new projects, expanded production capacity, transmission infrastructure growth, and rising consumption. The sector had grown by 12.71 percent in fiscal year 2081/82 and 11.61 percent in 2080/81.

The finance and insurance sector is projected to grow by 9.16 percent, supported by higher bank deposits and insurance premiums. The transportation and storage sector is expected to expand by 5.79 percent due to a rise in tourist arrivals and vehicle numbers. The information and communication sector ranks fourth based on growth rate.

According to statistics, the lowest growth rate is expected in public administration and defense at 0.23 percent. Education is projected to grow by 1.50 percent, while agriculture, forestry, and fisheries are estimated to grow by 1.58 percent.

IT Sector Contributes 1.93 Percent to Nepal’s GDP

According to preliminary estimates, Nepal’s total GDP is estimated to reach Rs 66 billion, while per capita GDP is projected at 1,513 U.S. dollars. The information and communication sector is projected to contribute 1.93 percent to total GDP.  

Agriculture, forestry, and fisheries are expected to remain the largest contributors to GDP with a 24.03 percent share. Wholesale and retail trade is projected to contribute 14.09 percent, followed by education at 9.22 percent, and real estate transactions at 8.07 percent.

Public administration and defense are estimated to account for 7.92 percent of GDP, transportation and storage 7.23 percent, finance and insurance 6.72 percent, industry 5.72 percent, and construction 5.52 percent. Housing and food services are expected to contribute 2.44 percent, while electricity and gas are projected at 2.08 percent.

The report also noted a sharp rise in remittances inflows. In fiscal year 2082/83, remittances are preliminarily estimated to equal 33.02 percent of GDP, up from 27.80 percent in 2081/82 and 25.09 percent in 2080/81.

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