The Central Bureau of Statistics (CBS) has projected that the country’s economy will grow by 6.81 percent in the current fiscal year with worth Rs 3,464 billion.
Such projected growth is attributed to a robust growth in agricultural output, particularly paddy production which grew by nine percent compared to the previous fiscal year.
The growth, according to the CBS, in the agriculture sector will double from 2.72 per cent in the previous fiscal year to 5.02 per cent in the current fiscal year. Paddy alone accounts for one-fifth share in the total agricultural output.
Similarly, the construction sector is estimated to grow by 8.94 per cent this fiscal year compared to 10.02 per cent in the last fiscal year. Similarly, wholesale and retail trade, which is also known as the service sector, is projected to grow by 10.89 percent, compared to 12.26 per cent in the previous year.
The average income of Nepali people will be US $ 1,047 in the current fiscal year – up from US $ 1,005 in the last fiscal year, according to the CBS.
Each Nepali is also expected to save Rs 20 out of their each annual Rs 100 earning.
It is the third consecutive fiscal year with an economic growth rate of over six percent. The largest growth in the gross domestic product (GDP) was recorded at 7.74 percent in 2016/17, the year after the disastrous earthquakes of 2015.
In spite of the rosy prospects of economic growth, the economy still relies on the secondary sector or service and trade rather than the primary sector including agriculture, mining, and manufacturing.
