Kathmandu, May.1: Nepal’s economy is projected to grow by 3.87 per cent in the current fiscal year 2023/24.
According to the Annual National Accounts Statistics for the fiscal year 2023/24 made public by National Statistics Office (NSO) Tuesday, Nepal’s economic growth will be at 3.87 per cent at consumer prices for the current fiscal year.
Similarly, the gross domestic product in basic prices will be at 3.53 per cent in the current fiscal year.
The government through the budget announcement for the current fiscal year 2023/24 had projected to achieve economic growth rate of 6 per cent. However, the NSO has made preliminary estimates that the economic growth rate would be lower than the target set by the government.
Similarly, according to the latest statistics, the economic growth rate in consumer prices has been estimated to be 1.95 per cent in the last fiscal year 2022/23, while, it has been estimated at 5.63 per cent in the fiscal year 2021/22.
Similarly, the economic growth rate in basic prices has been revised to be 5.28 per cent in the fiscal year 2021/22.
Publishing the statistics, Chief Statistician of the NSO Arjun Prasad Pokharel said that the present statistics indicated that the economy was on a positive course.
He said that this economic growth rate had been published based on the actual data of 6-8 months of this year and the estimates for the rest of the period.
Size of economy to reach Rs. 5,705 billion
According to the NSO, the size of Nepal’s economy is estimated to reach Rs. 5,704.87 billion in the current fiscal year 2023/24.
In the last fiscal year 2022/23, the size of the economy was revised and estimated to be Rs. 5,348 billion.
Similarly, the size of the economy in the fiscal year 2021/22 has been revised to be Rs. 4,976 billion.
The statistics show that the economic growth rate of the agricultural sector would be 3.05 per cent and the non-agricultural sector would be 3.75 per cent in the current fiscal year.
According to the revised statement, the growth rate of the agricultural sector is estimated to be 2.76 per cent and the growth rate of the non-agricultural sector to be 2.13 per cent in the last fiscal year 2022/23. In the current fiscal year 2023/24, the growth rate of primary, secondary and service sectors is estimated to be 3.03 per cent, 1.20 per cent and 4.50 per cent respectively.
According to the revised statement, the growth rate of primary, secondary and service sectors would be 2.72 per cent, 1.40 per cent and 2.36 per cent respectively in the last fiscal year 2022/23.
The primary, secondary and service sectors are estimated to contribute 24.6 per cent, 12.5 per cent and 62.9 per cent respectively to the gross domestic product in the current fiscal year.
The report shows that the contribution of the primary sector and the service sector in the GDP seems to have increased marginally compared to the previous fiscal year, while the contribution of the secondary sector has decreased marginally in the last fiscal year.
Industry, construction sector growth to be negative
In the current financial year, the gross value-added growth rate of agriculture, forestry and fishery sector is estimated to be 3.05 per cent .
The increase in the production of rainy crops including rice, increase in pulses, vegetables and cash crops and the increase in livestock products (milk, eggs, fish and meat) are initially estimated to improve the value addition of this sector, said the NSO.
According to the statistics, the preliminary estimation of gross value-added growth rate of the mining and quarrying sector is 2.31 per cent, electricity, gas, steam and air conditioning supply service sector is 17.44 per cent and water supply, sewage, waste management and recycling activities sector is 2.80 per cent.
However, in the current fiscal year, the growth rate of the industrial sector is estimated to be negative (1.60 per cent).
Due to the lack of improvement in the construction and trade sectors, there has been a decrease in the overall demand for goods and services, as the manufacturing industry has not been able to produce at its full capacity.
Similarly, gross value-added growth rate of the construction sector for the current fiscal year is initially estimated to be negative (2.07 per cent).
The NSO has estimated that the total value-added growth rate of the financial and insurance sector is 7.80 per cent, while real estate business is estimated to be 2.98 per cent.
Per-capita GNI to be USD 1,456
In the current fiscal year 2023/24, the gross national income per capita is estimated at USD 1,456.
For the last fiscal year 2022/23, the gross national income per capita is revised to be USD 1,405.
According to revised statistics, gross national income per capita has been maintained at USD 1,419 in the fiscal year 2021/22.
According to the NSO, the GDP per capita is estimated to be at USD 1,434 USD in the current fiscal year.
For the last fiscal year 2022/23, the per capita gross domestic product has been revised to be 1,389. Similarly, in the current fiscal year 2023/24, the total gross output at basic prices is estimated to be Rs. 8,752.64 billion.
In the last fiscal year 2022/23, as per the revised estimation, the total gross output is estimated to be Rs. 8,217.50 billion. In the meantime, in the current fiscal year 2022/23, the average intermediate consumption in consumer price is estimated to be Rs. 3,702.5 billion.
-The Rising Nepal
