Kathmandu. The economic growth estimate of 5.1 percent has been achieved in the second quarter of the current fiscal year 2081/82.
The National Statistics Office, while releasing the Gross Domestic Product (GDP) for the second quarter of the current fiscal year on Wednesday, stated that although there was good improvement in some sectors including transport, the GDP growth was modest. However, this is an unadjusted growth rate for seasonal effects. The office stated that the GDP growth rate after seasonal adjustment for the second quarter was 2.2 percent.
‘The increase in transport, construction, agriculture, electricity generation and distribution, along with the increase in total value added of financial intermediation, are the main factors behind the positive growth of the economy in the second quarter,’ the office said. ‘Especially during this period, the growth rate of the economy is estimated to have remained normal as there was no significant growth in the education, housing and food and other services sectors.’
Based on the seasonally adjusted data, negative growth is estimated in two out of a total of 18 industrial sectors. The electricity and gas sector has seen a negative growth of 4.8 percent and the accommodation and food sector has seen a negative growth of 2.7 percent.
According to the data not adjusted for seasonal effects, the transport and storage related activities have recorded the highest growth rate of 14.2 percent, while the mining and quarrying sector is the second fastest growing industrial sector with a growth rate of 9.5 percent.
Similarly, the total value added growth rate of the construction sector is initially estimated to be 9.1 percent with the increase in imports of construction materials and domestic production. The growth rate of the manufacturing industry is estimated to be 7.4 percent and the value added growth rate of the financial and insurance sector is estimated to be 6.6 percent due to the increase in deposits and loans. The growth rate of the trade sector is initially estimated at 6.1 percent and the growth rate of the information and technology sector at 4.9 percent.
The growth rate of the agriculture sector, which contributes the most to the country’s economy, is initially estimated at only 3.2 percent. “The increase in rice production, as well as the increase in vegetables, sour fruits and winter fruits and livestock and poultry products, seems to have had a positive impact on the total value added of this sector,” the public statement said.
The wholesale and retail trade sector, which is the second largest sector of the economy, has seen some expansion due to the increase in domestic production and the increase in imports of major trade goods.
Similarly, the growth of the manufacturing industry sector is estimated to have improved significantly due to the gradual improvement in the production of industrial goods. In the second quarter, public administration and defense are expected to grow by 2.2 percent, health by 3.1 percent, and real estate by 3.1 percent. .आशास
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