KATHMANDU, Nepal's economy is projected to
grow by 6.81 percent in the current fiscal year that concludes in midJuly,
as the Himalayan country is witnessing over six percent growth rate three
years in a row, Nepal's Central Bureau of Statistics (CBS) said on Friday.
Nepali economy grew by 7.74 percent in fiscal year 201617, the highest
growth since fiscal year 199394.
In the last fiscal year 201718, the Nepali economy grew by 6.3 percent as
per the revised estimate, according to CBS, the main government body that
deals with the country's vital statistics. The CBS produces the country's
national account projecting economic forecasts every year.
Ganesh Acharya, the director at the CBS told Xinhua that the projected
growth rate for this fiscal is still impressive despite failing to meet the
set target which stands at eight percent. Rarely in the past has Nepal seen
growth over six percent three years in row, he said.
Economic growth in the last three years coincides with the improved
political and economic situation as the Himalayan country achieved political
stability after a prolonged political transition.
The projected strong growth in the current fiscal year is due to good
agriculture production aided by favorable climate, good performance of the
energy and industrial sector and equally impressive growth in the service
sector, according to CBS.
The agriculture sector which contributes 26.5 percent to the national
economy is projected to grow by an impressive 5.1 percent against last
fiscal's growth rate of 2.72 percent. There has been healthy growth in the
production of paddy, vegetables, wheat, maize and potato, according to the
The performance of manufacturing, construction, electricity and water
sectors has also remained impressive with these sectors expected to grow by
8.1 percent on an average.
The service sector, represented by wholesale and retail, hotel and
restaurant, financial intermediary, real estate, health, education, public
administration and social and personal services, is projected to see an
impressive growth of 7.29 percent this fiscal year, according to the CBS.
Source: Bangladesh Sangbad Sangstha (BSS)