Nepal economy projected to grow by 5.84 percent this fiscal yearStatistics bureau’s projection is higher than that by World Bank and ADB, which estimated 3.7 percent and 3.9 percent respectively.
Nepal’s economy is projected to grow by 5.84 percent in the current fiscal year, according to the preliminary report of the Central Bureau of Statistics (CBS) released on Thursday.
With this growth, Nepal’s gross domestic product is estimated to be at Rs4.85 trillion in the fiscal year 2021-22, ending mid-July 2022.
The CBS growth estimate is higher than the forecasts made by the World Bank and the Asian Development Bank.
The World Bank has estimated Nepal’s economy to grow by 3.7 percent and the Asian Development Bank has projected Nepal to grow 3.9 percent.
The government, however, had targeted the growth rate of 7 percent.
The CBS estimated that the gross national income per capita or per capita income of the country may grow to $1,381 by the end of the fiscal year.
Similarly, the per capita GDP or the income of a person may reach $1,372 in the fiscal year 2021-22. Per capita income means an average income of a person in a year.
Ishwari Bhandari, director of the CBS, said that the growth estimate is based on actual data of nine months and forecast of the next three months.
“The three months estimate is based on the assumption that everything will be normal by then.”
The CBS estimated that the imports would reach Rs2 trillion by the end of this fiscal year despite the government measures to restrict imports.
According to the report, the final consumption or the money spent by Nepalis on consumption would be Rs4.41 trillion, which is 90.7 percent of the total GDP.