CBS projects 7% economic growth

Kathmandu, April 26 . The economic growth rate for the current fiscal year has been projected at 6.81 percent. The Central Bureau of Statistics (CBS) made this projection while releasing the National Accounting Statistics of Fiscal Year 2075/76 on Friday.

The government earlier had however projected the economic growth rate of eight percent for this year. The country has been witnessing more than six percent growth rate in the recent three years.

Nepal maintained the economic growth at 6.30 percent last fiscal year (2074-75), while it was 7.74 percent in the year earlier, the CBS said. The statistics was analyzed by categorizing the industrial sector as primary area, construction the secondary area and service the third area.

Last year, the contribution of primary area- the industrial sector- to the gross domestic product saw decline, while the service sector’s contribution witnessed increase. But the secondary area- construction- had no significant fluctuation.

Agriculture, forest, fishery and mineral excavation have been kept under the industrial sector. It contributed 27.59 percent to the GDP in the current fiscal year. The CBS has projected that the inflation rate would be contained at 5.10 percent at fixed price for this year.

Agriculture production increased owing to the favourable weather; and the forest resources and excavation also increased for the reconstruction activities. The secondary sector comprising construction, industry, electricity, gas and water, contributed to 14.60 percent.

The service sector incorporating retail trade, hotel and restaurant, real estate, public administration, education, security, health and personal service made highest contribution- 57.81 percent- to the GDP in the current fiscal year.

Per Capita Income reaches 1030 US dollars Per capita income has reached to 1030 US dollars this fiscal with the increase of 30 dollars since the last fiscal.