KATHMANDU, Nepal, 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.
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.
Ganesh Acharya, the director at CBS said 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 favourable 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 padi, vegetables, wheat, maize and potato, according to the CBS.
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.
Source: Nam News Network