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Kathmandu,Thursday May 04, 2000 Baishakh 22, 2057.
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Economy
projected to grow at 6 pc Agriculture sector to grow by 5 & non-agriculture by 7 pc
-By a Post Reporter
KATHMANDU, May 3 - Central Bureau of
Statistics (CBS) has estimated the Nepalese economy to grow at 6 percent in the current
fiscal year ending July-2000.
In a press release issued here today, CBS has
said, "Gross Domestic Product (GDP) for the current fiscal year is estimated to reach
5.99 percent at 1984 constant price."
According to the release, agriculture sector
is estimated to grow at 4.99 percent and non-agriculture sector is expected to grow at
about 7 percent.
With the estimated growth, there has been
minor changes in the composition of agriculture and non-agriculture sector contribution to
the GDP. The contribution of agriculture sector has slightly declined to 40.1 percent from
earlier 40.4 percent.
Likewise, the share of non-agriculture sector
in GDP has increased from 59.6 percent to 59. 9 percent.
The annual GDP projection is in line with the
half-yearly estimates which had projected the economy to grow in between 5.5 to 6 percent
range. The later half-yearly figures had billed the growth rate at 5.5 percent. The
estimated GDP growth is a record high in the last seven years. GDP grew by 7. 2 percent in
the fiscal year 1992/93 and slipped into recession since then. In the last five years it
grew by average 3.6 percent.
The main reason behind the impressive growth
in GDP is attributed to bumper growth in major food crops and robust rebound in the
manufacturing activities. Major food crops are estimated to grow by over 7.77 percent
boosting the overall agriculture sector growth.
Similarly, manufacturing sector has improved
impressively with its contribution to the GDP reaching a record of 12 percent. Last year
this figure was a meagre 5.69 percent.
According to the press release, paddy is
expected to grow by 8.63, wheat 8.93 and maize 7.4 percent. Likewise, the cash crops are
expected to grow by 6.44 percent. CBS has estimated livestock and fisheries to grow by
2.41 and 27.62 percent.
The quantum jump in the share of
manufacturing sector in the GDP, which had never crossed 10 percent in past, heralds one
of the significant changes in the structure of Nepalese economy.
About 12 percent share of manufacturing
sector in the GDP is mainly attributed to strong growth in export-oriented manufacturing
activities.
Three largest exportable items - readymade
garment, woollen carpet, pashmina and other major exportable items including toothpaste,
soap, vegetable ghee - maintained a winning streak on export fronts in the last nine
months.
Likewise, the product of other industrial
items like, sugar, plywood, plastic goods, pulp and papers, iron rod and cement also grew
significantly in the last eight months and is expected to grow further.
CBS has also projected sectoral growths in
areas such as transportation, communications, real estate, finance, community and social
services. According to the release, transportation and communications sectors are expected
to grow by 4.86 and 13.58 percent respectively. Likewise, real estate and finance by 5.52
percent, social and community services by 5.73 percent.
Investment and saving is also expected to
grow significantly due to overall growth in various sectors.
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