Kathmandu,
Apr. 25:
Nepal
is likely to achieve the highest Gross Domestic Product (GDP) growth rate in
the current fiscal year after more than two decades.
According
to the estimates published Tuesday by Central Bureau of Statistics (CBS), a
national statistical organisation under the National Planning Commission (NPC),
the country will witness GDP growth rate of 6.94 per cent at basic price in the
fiscal year 2016/17.
It is
a remarkable achievement against the growth rate of the last fiscal year.
 |
|
GDP Growth Rate at Basic Price
|
The
statistical body has revised the growth rate of the last fiscal to 0.01 per
cent from the earlier estimate of 0.77 per cent.
"With
the projected 6.94 per cent growth rate of GDP in the current fiscal, the GDP
of the country at basic price will reach Rs. 2293.98 billion," said
Ishwori Prasad Bhandari, director of CBS.
The
GDP at purchaser's price will be Rs. 2599.23 billion.
"The
earthquake and blockade last year caused the growth rate dipped low in
one-and-a-half decades. But, this year has been a fruitful year in terms of
economic progress because of favourable monsoon and energy availability.
Similarly, the manufacturing sector also witnessed a significant growth,"
said Chandra Kumar Ghimire, secretary at the NPC.
The
country witnessed a growth rate of 5.4 per cent and 3.4 per cent in the FY
2013/14 and FY 2014/15 respectively.
Last
time it achieved above 6 per cent growth rate in 2008, after the conclusion of
Maoist insurgency. Similarly, there was a growth of 6.2 per cent in FY
1999/2000.
Nepal
attained 8.2 per cent GDP growth rate in 1993/94.
The
primary sector, consisting of agriculture, forestry, fisheries and mines,
contributed 30 per cent to the GDP estimates for the current fiscal.
Secondary
sector, consisting construction, industry, gas and water, contributed 14 per
cent while the tertiary sector, including trade, hospitality, transportation,
communication, financial intermediary, real state, health and other social
sectors, contributed 55.99 per cent to the estimated GDP.
The
service sector's growth rate is 5.3 per cent, 11 per cent and 6.9 per cent in
the FY 2014/15, FY 2015/16 and FY 2016/17 respectively, while the manufacturing
sector witnessed the growth rate of -0.01 per cent, -6.45 per cent and 2.6 per
cent in the same period.
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|
Share on GDP by Broad Categories
|
"Due
to the improved supply of electricity and less strikes and bandhs, the
manufacturing sector performed quite well with 9.7 per cent growth. It had
witnessed a negative growth rate of 8 per cent in the last fiscal," said
Ghimire.
Likewise,
increment in electricity, gas and water will be about 13 per cent, and
construction sector will grow by 11.66 per cent.
Most
of the sectors like mining, hotels and restaurants, transport and communication,
and wholesale and retail trade are expected to perform well in the current
fiscal as compared to previous fiscal.
The
CBS said that the net fixed capital formation in the current fiscal will be Rs.
878.60 billion, and per capita GDP will be Rs. 90,521 or 853 US dollars.
Director
general of the CBS Suman Raj Aryal said that the positive growth in most of the
macroeconomic indicators showed that the country was at a remarkable economic
growth trajectory.
GDP Growth Rate trend
|
Year
|
Rate
(%)
|
|
1982/83
|
-3.0
|
|
1983/84
|
9.7
|
|
1987/88
|
7.7
|
|
1993/94
|
8.2
|
|
1999/00
|
6.2
|
|
2001/02
|
0.1
|
|
2007/08
|
6.1
|
|
2013/14
|
5.4
|
|
2014/15
|
3.4
|
|
2015/16
|
0.01
|
|
2016/17
|
6.94
|
Source: CBS
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