KATHMANDU — The nation’s economy is projected to grow at 0.77 per cent this fiscal, as retail and wholesale trade and construction and manufacturing sectors are likely to take a dip due to supply disruption triggered by blockade.
Releasing the gross domestic product estimate for the current fiscal year on Tuesday, The Central Bureau of Statistics (CBS) has projected the Gross Domestic Product (GDP) growth of 0.77 percent for fiscal year 2015-16.
The CBS said that the economy will grow by only 0.77 percent – which is a 14-year low – in the current fiscal year.
The GDP narrowly escaped the negative growth due to better performance by the service sector including health and education sectors, according to CBS director general Suman Raj Aryal.
In the fiscal year 2001/02, the nation had recorded economic growth of 0.16 percent.
The CBS has additionally revised last fiscal year’s economic growth downward to 2.32 percent from the estimation of 3.04 percent.
As per the CBS report, almost all the sectors of economy suffered this fiscal. The agriculture sector is estimated to grow at the rate of 1.14 percent whereas the non-agriculture sector will grow by 0.62 percent.
In the last fiscal, the agriculture sector and non-agriculture sector had expanded by 4.72 percent and 5.34 percent respectively.
The subpar monsoon that resulted in weak agricultural output, almost five months of economic blockade, and stalled reconstruction work in the aftermath of the last year’s devastating earthquakes have pulled the economic growth down to a 13-year low, Aryal said.
The largest contributors to the economy are agriculture (31.19 percent); followed by wholesale and retail trade (14.23 percent); real estate (9.16 percent); transportation, communication and storage (8.42 percent); construction (6.88 percent); education (6.76 percent); and production (5.53 percent), according to the CBS.
Despite low economic growth, the CBS has projected an increment in per capita gross national income (GNI) to Rs 80,921 in the current fiscal year from last year’s Rs 77,079.
The increment of Rs 3,842 is 4.98 percent compared to the last fiscal year, the CBS said.
The tertiary sector which contributes 54.29 percent to the total GDP and includes service sectors like wholesale and retail trade, hotels and restaurants, storage and communications and financial intermediaries among others is expected to expand by 2.67 percent, the CBS said.Follow @gorkhapost
Nirmala Panta’s murder accused held after 24 days
KANCHANPUR — Police in Kanchanpur have made public an accused arrested in connection with the murder of 13-year-old Nirmala Panta of Kanchanpur’s Bhimdatta Municipality.
Dilip Singh Bista, 41, of Baghphanta, Bhimdatta Municipality was made public at a press conference at the DPO. Bista was arrested on Saturday,according to the District Police Office Spokesperson Deputy Superintendent of Police Gyan Bahadur Sethi.
Nirmala was found dead in a sugarcane field on July 27, a day after she had gone to her friend’s home to get a notebook.
Bista,who was released from prison last year after serving nine years for murdering his brother-in-law Narayansingh Thapa, works as a daily-wage labourer.
According to Bista’s statement to police, he helped Nirmala fix her bicycle chain before raping and killing her on July 26. He told police that killed her to avoid being arrested again.Follow @gorkhapost