Kathmandu. The economic growth for the current fiscal year is estimated at 4.61 percent. Finance Minister Bishnu Prasad Poudel, while presenting the Economic Survey in the House of Representatives, has projected 4.61 percent economic growth in the current fiscal year.
Province-wise, except Madhes Province, Koshi Province and SudurPaschim Province, the economic growth rate of all provinces is above the national average of 4.61 percent. The size of Nepal’s economy is expected to reach Rs 6.1 trillion in the current fiscal year.
During this period, the contribution of agriculture sector to gdp is estimated to be 25.16 percent, industry sector 12.83 percent and service sector 62.01 percent. The per capita gross national income has increased to $1,517. The average consumer inflation stood at 4.72 per cent.
Federal expenditure has increased by 4.7 percent and federal revenue by 12.6 percent in the current fiscal year. Foreign aid commitments have increased significantly. During this period, the federal government’s fiscal deficit stood at Rs 16.19 billion. In the same period of the previous fiscal year, such a deficit was Rs 70.36 billion.
As of February 2018, the federal government’s outstanding public debt stood at Rs 2,676.4 billion, which is 43.8 per cent of gdp. Financial access has increased. Bank branches have reached all local levels. Banking services are available to an average of 2,527 population from each branch of banks and financial institutions.
Deposits of banks and financial institutions increased by 9.5 percent and credit flow from banks and financial institutions to the private sector increased by 7.7 percent in mid-February 2018. The NEPSE index stood at 2,736.49 points in mid-February 2018. Access to life insurance has reached 44.17 percent of the population.
The export of goods has increased by 57.2 percent and import of goods by 11.2 percent in the current fiscal year. Remittance inflow increased by 9.4 percent to Rs 1,051.77 billion. Both the current account and the balance sheet position are in savings. The foreign exchange reserves remained at an all-time high and were sufficient to sustain imports of goods and services for 14.3 months. So far, investment worth Rs 4,766 billion has been approved by the Department of Industry and Investment Board Nepal.
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