CBS report forecasts lowest growth rate; per capita income declines

A preliminary survey has presented very weak economic situation of the country and said that the economic growth rate for the current fiscal year will be 2.30 percent, which is the lowest since the country witnessed a negative growth of 0.33 percent in 2001/02.

According to preliminary estimates of the Central Bureau of Statistics (CBS), the size of the domestic economy has gone up to Rs 539.10 billion at factor cost from last year's Rs 492.62 billion. Likewise, total consumption of the economy increased by over 10 percent to Rs 518.24 billion and the total investment also went up by 14.5 percent.

The GDP growth rate was 2.33 per cent during the previous fiscal.

Agricultural growth is estimated to witness a decline by 1.69 percent for first nine months of the current fiscal year compared to 2.97 percent in the previous fiscal 2004-05 as per the CBS estimates.

Similarly, the per capita income of people in the current fiscal year is estimated to go negative in value terms by 0.25 percent compared to the positive 0.46 percent during the previous fiscal.

According to the survey, the per capita income in terms of Nepali rupees at constant price went down to Rs 12,626 during the current fiscal year from last year's Rs 12,657.

Growth rate in other sectors such as mining and quarrying, manufacturing, transport, communications and storage, finance and real estate and community and social services will also go down in the current fiscal year compared, says CBS. nepalnews.com pb June 01 06

Have your say ! (Registration required)