NSO projects economic growth rate of 3.54 pc in current FY

KATHMANDU: The National Statistics Office (NSO) has projected an economic growth rate of 3.54% for the current fiscal year 2023/24. However, the government had set a target of achieving an annual economic growth rate of 6% in the budget announcement.

The NSO made this projection on Tuesday when it released the Annual National Accounts Statistics for the fiscal year 2023/24. The Office has stated that economic activities in the country are expected to accelerate compared to the first and second quarters of the current fiscal year.

In a press release, the NSO stated that the country's economic growth rate will be 3.87% in consumer prices and projected that the size of the economy will be Rs 5,704 billion in the current fiscal year.

The size of the country's economy was Rs 5,348 billion in the last fiscal year, according to the NSO.

The NSO has projected that the growth rate of the agriculture, forestry and fishing sector will be 3.05%, while the growth rate of the non-agriculture sector will be 3.75%.

Similarly, the primary sector is expected to see a growth rate of 3%, while the growth rate of the secondary sector will be limited to 1.2%. The tertiary sector is expected to have a higher growth rate of 4.5% in the current fiscal year.

The Office has projected that the nominal per capita Gross National Income (GNI) will be $1,456 and the per capita Gross National Disposable Income (GNDI) will be $1,843.