Nepal’s GDP size has increased

Kathmandu. According to the Central Statistics Office, Nepal’s gross domestic product (GDP) has grown by 14.7 percent in 10 years.

According to the data released by the department on Thursday, the size of Nepal’s economy has increased to Rs. 39.43 trillion by the end of the fiscal year 2076/77. According to the study, changing the base year, in 2010/11, production increased by 20.27 percent, intermediate consumption by 35.42 percent and gross domestic product by 14.07 percent. As a result, the size of the gross domestic product (GDP) has reached Rs. Similarly, the ratio of intermediate consumption to production was 37.1 percent in the base year of 2000/01 and 41.82 percent in the changed base year.

Making the data public, Dr. Hemraj Regmi, Deputy Director General of the Department, said that according to the industrial classification, the change in GDP is 0.5 percent in agriculture, forest and fisheries, 22.5 percent in mining and quarrying, 4.5 percent in industrial production and 46.8 percent in electricity. Construction grew 3.7 percent, while wholesale and retail trade grew 23.1 percent.

According to the study, 16.4 per cent in housing and restaurant, 2.6 per cent in transport and communication, 36.8 per cent in finance and insurance related activities, 52 per cent in real estate business activities, 157.9 per cent in public administration and security, 157.9 per cent in compulsory social security and education. There has been an improvement of 11.2 percent. Similarly, changes in human health by 1.2 percent and industrial classifications led to a decline of 85.8 percent in arts, recreation and other activities.

Speaking on the occasion, Dr. Pushparaj Kandel, Vice-Chairman of the National Planning Commission, said that there would be pressure on planning and formulation as per the results of the rebasing study. He also said that the government of Nepal will review the priority schemes. According to the forecast, the fear that the corona effect will lead to a large negative growth rate has been removed, so the plan for next year will be made accordingly, he said. He said last year’s economic growth rate was negative at 1.99 percent and there was no panic as the size of GDP increased.

The department has changed the previous base year 2057/58 (2000/2001) to 2067/68 (2010/11). While the base year of GDP changed, the contribution of service sector increased by 8.4 percent while the burden of agriculture (primary) and secondary (manufacturing and processing) decreased by 9.5 percent and 3.2 percent respectively. Similarly, per capita income has decreased by 25 US dollars compared to last year. Statistics show that last year it was १ 1,139, but now it is १ 1,134.