GDP Of Nepal At Rs 39.43 Kharba: CBS
March 5, 2021 | Investopaper
According to the data released by the Central Bureau of Statistics on Thursday, the economic growth rate of Nepal was negative at 1.99 percent in FY 2076/77. The country’s economic growth rate has been negative in the last fiscal year due to the global epidemic of COVID-19.
The government had set a target of 7 percent economic growth last year. Economic growth was projected to shrink to 2.27 percent, revising the target after the Covid-19 outbreak.
Despite the negative economic growth rate in the last fiscal year, the country’s gross domestic product (GDP) has increased. Last year, the country’s GDP was Rs 39.43 Kharba. The increase in GDP is due to changing the base year of GDP calculation. CBS had earlier been calculating GDP on the basis of 2000/2001 as the base year. Now 2010/11 is considered as the base year for the calculation.
In a total period of 10 years, the GDP has increased almost two and a half times. In 2010/2011, the total GDP of the country was 15.59 Kharba. As per the latest figures, the per capita income of Nepalis (according to GNI) has reached 1,148 US dollars.
Last year, growth in all sectors except electricity, gas, environment, public administration and security, human health and social programs was negative. Mining and quarrying growth was negative at 2.2 percent. Similarly, construction was negative at 5.6 percent, industrial production at 9.1 percent, wholesale and retail trade, automobiles and transport and storage at 10.7 percent.
Last year’s economic growth was worse than during the earthquake and blockade. The country’s economic growth had shrunk to 0.20 during the 2015/16 earthquake and the subsequent undeclared blockade imposed by India.
