Review Nepal News

Economic growth rate is projected to be 5.89 percent in the current fiscal year

www.reviewnepal.com
  Kathmandu, Nepal      April 25 2018

KATHMANDU: The economic growth rate is projected to be 5.89 percent in the current fiscal year. The projection has been made based on economic indicators and data from six to nine months of the current fiscal year 2018-19.

The national accounts statistics of the fiscal 2018-19 BS launched by Central Bureau of Statistics (CBS) in Kathmandu on Wednesday revealed that the contributions of primary sector to the Gross Domestic Product (GDP) have been on decreasing trend whereas the contributions by service sector are on the rise.

The data analysis is carried out by dividing overall industrial sector into three groups— primary, secondary and service. According to the accounts data made public, agriculture and forestry, fishery and mining under the primary sector is estimated to contribute 28.21 percent to GDP. Though the agriculture sector did not see substantial growth in the current fiscal, the use of forest timber for reconstruction has caused rise in the production in the sector.

Meanwhile, construction, industry and electricity, gas and water under the secondary sector are estimated to have contributions of Rs 14.18 per cent to GDP. Acceleration in reconstruction and other construction works, expansion of energy sector and production rise in industrial sector have contributed much to that sector.

Likewise, retail and wholesale transaction, hotel and restaurant, transport, communications, financial mediation, real estate and commercial services, public administration, education and health have contributed 57.61 per cent to GDP. Rise in production of domestic goods, increase in in-flow of tourists and smooth power supply have triggered substantial improvements towards social service.RSS