Money

Country’s economy to grow by 5.89 percent this year

Per Capita income crosses Rs 100,000 mark for the first time

- Post Report, Kathmandu

Nepal’s economy is expected to grow by 5.89 percent in the fiscal year 2017-2018. Unveiling the National Account Estimate on Wednesday, the Central Bureau of Statistics (CBS) said the country’s gross domestic product (GDP) will grow by 5.89 percent, less than the government’s projection made in mid-term review in March.

The Ministry of Finance (MoF) had revised economic growth forecast for the current fiscal year to 6 percent from 7.2 percent predicted in the beginning of 2017-18.

According to CBS, per capita income of Nepali people has crossed US$ 1000 mark this fiscal. Last year, per capita income was US $862.

The size of the country’s economy has also increased to Rs3007.24 billion this year. Last year, the total GDP of the country was Rs 260 billion.

Key Facts

GDP to grow by 5.89 percent

Fiscal Year                  Growth Rate

2015-16                     0.20%
2016-17                     7.39%
2017-18                     5.89%

GDP size expanded to Rs3007.24 billion

2015-16                     Rs2253.16 billion
2016-17                     Rs2642.59 billion
2017-18                     Rs3007.24 billion

Per capita income reached Rs 103335 (US $ 1004)
2015-16                     Rs79,528
2016-17                     Rs92,031
2017-18                     Rs103,335

In fiscal year 2017-18
Agriculture sector projected to grow at 2.72 percent
Manufacturing sector projected to grow at 8.04 percent
Construction sector projected to grow at 10.64 percent
Wholesale and retail sector projected to grow at 9.06 percent
Hotel sector projected to grow at 9.77 percent

Remittance share in GDP has declined in the current fiscal year. This year remittance's share in GDP is expected to be 24.52 percent against last year’s 26.32 percent.

 

Published: 2018-04-25 19:10:46