Nepal’s GDP to Reach Rs. 57.48 Kharba | Economic Growth Rate at 3.87 Percent

May 2, 2024 | Investopaper

In the current fiscal year 2080/81, the government had aimed for an economic growth rate of 6 percent, yet the actual growth has fallen short of this target. Recent data released by the National Statistics Office reveals that the expected economic growth rate stands at 3.87 percent. This figure is based on the actual data from the first 6-8 months of the fiscal year, with estimates for the remaining period. This marks an improvement from the previous year’s sluggish growth rate of 1.95 percent.

Projections indicate a growth in the size of Nepal’s economy, expected to rise by Rs. 4 Kharba, reaching a total of Rs. 57.48 Kharba. Comparatively, last year’s GDP stood at Rs. 53.81 Kharba.

Various institutions such as the World Bank, the International Monetary Fund, and the Asian Development Bank have forecasted Nepal’s economic expansion, ranging from 3.1 to 3.6 percent.

Per capita income for Nepalis has seen a rise to 1,456 US dollars, up from 1,405 US dollars last year.

Challenges persist in achieving the growth target, particularly evident in sectors such as construction, trade, and industry. However, there have been notable increases, such as a 21.84 percent growth in accommodation and food services, and a 17.44 percent increase in the electricity and gas sector.

Despite progress, certain sectors like industry and construction are experiencing negative growth rates, indicating areas needing attention for revitalization. Notably, last year witnessed negative growth across multiple sectors, whereas this year’s downturn is primarily concentrated in two sectors.

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