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.
PM congratulates Nepali national cricket team
KATHMANDU— Prime Minister KP Sharma Oli has congratulated Nepali national cricket team for being able to clinch the International T20 series.
PM Oli in a tweet extended best wishes and congratulations saying he was very happy to know Nepal’s win over the UAE by 14 runs in the third match of the series.
Winning T20 series is another landmark success for Nepali cricket, he said, adding, “It is big achievement for Nepal’s cricket. I would like to heartily congratulate entire members of Nepali cricket squad”.