Economic survey report 2014: Nepal closer to projected growth of 5.5pc

KATHMANDU, July 11:

The economic growth has increased to 5.2 percent this year against last year’s 3.5 percent, government’s economic survey report unveiled on Thursday informed.

According to the report, favorable monsoon, improvement in investment environment induced by the better political stability, timely budget are the reasons behind the whopping growth rate.

The growth achievement is the highest in the past six years. The achievement is closer to projected growth of 5.5 percent by the government.
The agriculture sector has posted 4.7 percent growth against its status of 1.1 percent the last year.

Nawaraj Bhandari, joint secretary of Ministry of Finance said that the agriculture sector witnessed a significant growth as the drive for commercialization of the agriculture is in place coupled with the favorable monsoon that brought better crop yield of paddy, wheat, maize among others.

The economic survey is the assessment of the first eight month of this fiscal year. Likewise, the growth rate of the non-agriculture sector is recorded at 5.3 percent which was 4.6 in the corresponding period of the last year.

The survey further showed that the industrial sector grew by 2.7 percent whereas the service sector by 6.1 percent.

Finance Minister Ram Sharan Mahat unveiled the survey on Thursday in the parliament. Based on the survey the government is going to table the government´s income and expenditure plan for the upcoming fiscal year in the parliament on Sunday.

Source: Republica