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
First Roland Macaulay Cup to start on November 21
BIRATNAGAR— The First Roland Macaulay Cup is being held in the capital on November 21-24.
To be organized by the Cricket Association of the Blind, Nepal, cricket clubs–Myagdi, Jhapa, Bardiya and Tribhuvan Army–will participate in the First Roland Macaulay Cup twenty20 cricket tournament, said Pawan Ghimire, the Central President of the Association at a press conference here.
The estimated budget is approximately Rs 750,000. The opening match will be held between Jhapa and Bardiya, said the organizer.Follow @gorkhapost