Saturday, 28th February 2015

Economic growth rate highest in six years

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The country’s economic growth is projected to grow by over 5 percent in the fiscal year 2013/14, the highest after six years citing rise in agriculture production due to favourable monsoon.

The Central Bureau of Statistics (CBS) on Monday estimated that the country’s economic growth rate will stand at 5.15 percent in the current fiscal year.  This is the highest since fiscal year 2007/08.

Meanwhile, the World Bank and Asian Development Bank have estimated the economic growth rate at 4.5 percent.

However, the growth rate is not enough against the government’s target of 5.5 percent for the current fiscal year.

The economic growth rate had witnessed above 5 percent in the fiscal year 2007/08 registering the growth of 5.8 percent.

According to the CBS, the agriculture sector is expected to grow at the rate of 4.72 percent and the non-agriculture at 5.34 percent. The production of paddy will go up by 12.04 percent, maize by 9.85 and wheat by 6.05 in the current fiscal year.

Similarly, the manufacturing sector will rise by 2.69 percent and industrial sector by 1.86 percent.  

The per capita income is also projected to increase by US$ 717 (around Rs 71,305) while same was US$ 713 (around Rs 62,600) last fiscal year, according to preliminary estimation of CBS.