Agriculture sector to take a beating
Kathmandu, May 31 :
Agricultural growth is estimated to witness a decline by 1.69 per cent for first nine months of the current fiscal year compared to 2.97 per cent in the previous fiscal 2004-05 as per the preliminary estimates of the Central Bureau of Statistics (CBS).
Similarly, the per capita income of people in the current fiscal year is estimated to go negative in value terms by 0.25 per cent compared to the positive 0.46 per cent during the previous fiscal. Growth rate in other sector such as mining and quarrying, manufacturing, transport, communications and storage, finance and real estate and community and social services will also go down in the current fiscal year compared, says CBS.
GDP growth rate in the current fiscal year stands at 2.30 compared to 2.33 per cent during the previous fiscal.
Dr Rudra Suwal, director at CBS, while talking to journalists informed that growth in the agriculture sector is going down, due to a decline in the growth of production of foodgrains like paddy, wheat and barley.
Dr Suwal commented that the growth rate in the various sectors of the economy at the regional level seems to be different. Cash crops in the current fiscal year are estimated to go up by 8.85 per cent, as per the CBS estimate.
Dr Suwal mentioned that the growth rate in mining and quarrying is estimated to decline to 2.20 per cent compared to 2.51 per cent last year.
Similarly, a huge downfall is estimated in transport, communication and storage sectors from 5.09 per cent in 2004-05 to 2.24 per cent in the current fiscal year, according to him.
Not only that, finance and real estate growth rate is going to decline to 2.19 per cent in the current fiscal compared to 4.63 per cent in previous fiscal, says Dr Suwal. The growth rate in community and social services will also go down to 1.34 per cent compared to 2.75 per cent.
Dr Suwal said that GDP growth rate in the current fiscal year stands at 2.30 compared to 2.33 per cent previous fiscal, which is calculated at a factor cost.