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NSO estimated economic growth at 3.87 pc for FY 2023/24: NRB

B360
B360 August 20, 2024, 4:34 pm
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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

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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