Nepal | September 24, 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:

As US surpasses 200,000 COVID-19 deaths, Wisconsin sounds alarm over surges in cases

NEW YORK: Wisconsin Governor Tony Evers on Tuesday declared a new public health emergency and extended a face mask mandate into November to fight a coronavirus flareup in his state, as the number of people who have died across the United States since the pandemic began passed 200,000. In-pers Read More...

Govt urged to implement apex court’s order on jailbirds

SC order aims to avoid crowds in prisons KATHMANDU, SEPTEMBER 22 The National Human Rights Commission has urged the government to implement provisions stipulated in the Criminal Offences (Determination and Execution of Sentence) Act-2017, for improvement of prison conditions. The NHRC made th Read More...

Code of conduct vital in journalism: Prez

KATHMANDU, SEPTEMBER 22 President Bidhya Devi Bhandari has called for journalists to fully abide by the code of conduct for consolidation of democracy. Addressing the 51st anniversary of the Press Council Nepal in Shital Niwas here today, the head of the state underscored the need of compl Read More...

Probe into prisoner’s death sought

KATHMANDU, SEPTEMBER 22 Kin of a prisoner, who allegedly died of COVID-19 while undergoing treatment at Bir Hospital, have demanded investigation into the death. Ram Lakhan Jaiwal, 63, of Siddhartha Municipality-5, Rupandehi died at the hospital on Saturday. He had been serving sentence in the Read More...

Attempts to dismiss rape exposed, ward chair chased off

BARA, SEPTEMBER 22 There are reports of attempts to cover up a rape incident in Subarna Rural Municipality, Bara. What is worse, an elected local representative is learnt to have been involved in such attempts. On Friday evening, a 12-year-old girl was raped in Auraiya in Subarna Rural Municip Read More...

Schools in Byas moot possibility of physical classes

DAMAULI, SEPTEMBER 22 Byas Municipality today held a meeting with head teachers and principals of community and private schools to find a way for reopening schools that have been shut for a long time due to COVID-19. The municipality held a meeting to discuss the possibility of opening sch Read More...

126 lost lives in Gandaki landslides, floods this monsoon

POKHARA, SEPTEMBER 22 As many as 126 people lost their lives to natural disasters such as floods and landslides in Gandaki Province this monsoon. Gandaki Province Minister of Internal Affairs and Law Hari Bahadur Chuman said that most of the casualties happened in Myagdi and Baglung districts. Read More...

Probe panel recommends action against three cops

DHANGADI, SEPTEMBER 22 A probe committee formed to investigate the death of Amar Bahadur Chand, who died in Kailali Police Custody, has recommended action against three police personnel. Chand had died in the toilet of Bahuliya Border Police Post on August 12. The probe committee led by SP Raj Read More...