Nepal | July 07, 2020

Economy to expand to Rs 3.46 tn at 6.81 pc

Per capita income expected to reach $1,047 this fiscal, against $1,005 in the last fiscal year

Sujan Dhungana
Share Now:

Kathmandu, April 26

Nepal’s gross domestic product is expected to grow at 6.81 per cent to swell to Rs 3.46 trillion during the fiscal 2018-19, as per the Central Bureau of Statistics.

Unveiling the National Account Estimates today, CBS stated that though the economy is expected to grow further this fiscal compared to the 6.3 per cent growth achieved in the fiscal 2017-18, the growth rate will be below the government’s economic growth target for 2018-19.

Through the budget for fiscal 2018-19, the government had set an economic growth target of eight per cent for the year. However, the government had revised the growth anticipation downwards through the mid-term review of the fiscal budget projecting the economy to grow between seven and eight per cent.

Along with the expansion in GDP, per capita income of Nepalis is expected to rise to $1,047 or Rs 118,893 in this fiscal or Rs 104,929 till the last fiscal.

For the first time, CBS has calculated the share of different provinces in the country’s total GDP. As per the CBS report, Province 3 has the largest stake in the country’s GDP amounting to Rs 1,432.7 billion or 31 per cent, while Karnali Province has the least share of Rs 119.2 billion or four per cent of the total GDP.

Meanwhile, the stake of agriculture sector in GDP is expected to come down this fiscal as compared to its share in the fiscal 2017-18, while the stake of industrial and services sectors in the GDP will increase slightly, shows the CBS report. While the share of agriculture in GDP is projected to come down to 27.59 per cent from 28.67 per cent, the share of industrial sector in GDP is expected to increase to 14.6 per cent from 14.31 per cent. The share of the services sector in the GDP is also anticipated to rise to 57.81 per cent from 57.01 per cent in the last fiscal. “The country is set to achieve economic growth of above six per cent for three consecutive years. It is crucial for us to sustain this growth momentum and ensure further growth of the economy in the coming years,” said Ram Kumar Phuyal, member of National Planning Commission.

Launching the National Account Estimates report, Suman Raj Aryal, director general of CBS, said economic indicators in the current fiscal were impressive and focus should be given to sustain this economic growth.

Economist Bishwo Poudel said the country’s failure to raise the contribution of the construction and industrial sector to the GDP was unfortunate.


A version of this article appears in print on April 27, 2019 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Nepal Tourism Board reveals top five photos from 'Nepal From Your Window' contest

KATHMANDU: Nepal Tourism Board (NTB) on Sunday revealed five photos that made it to the top-five of the 'Nepal From Your Window' photo contest. The five photos will be awarded with cash prize of Rs 10,000 each. Among the 500 approved photos listed in the contest, Samde Sherpa's Kathmandu V Read More...

Sudurpaschim PA continues amid obstruction

DHANGADI, JULY 5 A meeting of Sudurpaschim Province Assembly started amid the obstruction from opposition parties in Dhangadi. Despite the obstruction from the opposition parties — Nepali Congress and Rastriya Janata Party-Nepal —the meeting of the PA began today. Lawmakers from the opp Read More...

604 Nepalis return home

KATHMANDU, JULY 5 A total of 604 Nepalis returned home today from three destinations. As per Tribhuvan International Airport (TIA), 147 and 152 Nepalis were repatriated from Doha in Qatar through flights of Nepal Airlines Corporation (NAC) and Himalaya Airlines, respectively. Likewise, Himalay Read More...

Bajura school starts community classes

BAJURA, JULY 5 At a time when schools in urban areas have started online classes, a school in Bajura has started teaching students by reaching to their communities and toles. Budhinanda Basic Level School at Kolti of Budhinanda Municipality has started teaching students in their respective tol Read More...


Leading actors of the Nepali film industry opine that a space for discussion has opened up now, and no one should let this chance pass. They also urge the media to pull up their socks KATHMANDU A discourse has started after film actor Samragyee RL Shah broke her silence last week on the harassme Read More...

Insight: Indian soldiers unarmed and caught by surprise in China clash, families say

NEW DELHI: Indian soldiers who died in close combat with Chinese troops last month were unarmed and surrounded by a larger force on a steep ridge, Indian government sources, two soldiers deployed in the area and families of the fallen men said. One of the Indian soldiers had his thro Read More...

Over 200 scientists claim coronavirus is airborne, urge WHO to recognize the same

KATHMANDU: Over 200 scientists have claimed that the airborne particles of coronavirus can infect people and have urged the World Health Organisation to revise its recommendations, including airborne transmission as one of the significant factors contributing to the spread. According to a New Yor Read More...

Worldwide coronavirus cases cross 11.45 million, death toll over 533,000

At least 11,458,371 people have been reported to be infected by the novel coronavirus globally and 533,218 have died, a Reuters tally showed. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019. The World Read More...