NSO estimated economic growth at 3.87 pc for FY 2023/24: NRB
KATHMANDU: National Statistics Office (NSO) estimated economic growth at 3.87% for fiscal year 2023/24, as indicated by the macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Sunday. The agriculture, industry, and service sectors are projected to grow by 3.05%, 1.25%, and 4.50%, respectively.
In terms of their contribution to GDP, the agriculture, industry, and service sectors account for 24.10%, 13.00%, and 62.90%, respectively, in 2023/24.
|
Share in GDP (Percent) |
|||
|
Sectors |
2021/22 |
2022/23 R |
2023/24P |
|
Agriculture |
24.45 |
23.91 |
24.1 |
|
Industry |
14.24 |
13.6 |
13 |
|
Service |
61.3 |
62.48 |
62.9 |
|
Real GDP Growth (Percent) |
|||
|
GDP Growth |
5.63 |
1.95 |
3.87 |
|
Agriculture* |
2.35 |
2.76 |
3.05 |
|
Industry |
10.7 |
1.38 |
1.25 |
|
Service |
5.32 |
2.36 |
4.5 |
|
* Agriculture, Forestry and Fishing P: Preliminary estimation R: Revised estimation Source: National Statistics Office |
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Gross domestic saving relative to GDP stands at 7.61% in 2023/24. Additionally, the ratio of gross fixed capital formation to gross national saving relative to GDP is 24.45% and 36.15%, respectively.
The installed capacity of electricity increased to 3156.96 Megawatts (MW) in 2023/24. This capacity comprises 2990.6MW of hydroelectricity, 106.9MW of solar power, 6.0MW of cogeneration, and 53.4MW of thermal electricity.
Furthermore, the total number of tourist arrivals saw a significant increase, reaching 1,128,284 in fiscal year 2023/24, compared to 862,992 in the previous fiscal year.
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