Nepal’s economy projected to grow 4.61 percent

Kathmandu / April 30: Nepal’s economy is projected to grow by 4.61 percent in the current fiscal year, according to estimates released by the National Statistics Office on Wednesday. The office also projected growth at consumer prices to be around 4.5 percent.

The size of Nepal’s economy has expanded to Rs 6.107 trillion, up from Rs 5.704 trillion last fiscal year, reflecting a year-on-year increase of Rs 400 billion. The economy was valued at Rs 4.853 trillion the year before.

The agriculture sector is estimated to grow by 3.23 percent, while the non-agriculture sector is projected to rise 4.28 percent. The projections are based on data from the first nine months of the fiscal year, with statistical methods used to estimate the remainder.

The government had targeted 6.5 percent growth this year. However, both the World Bank and the Asian Development Bank (ADB) forecast more modest growth of around 4.5 percent.

The National Statistics Office noted that economic activities have progressed at a normal pace and said it does not anticipate any major shocks in the coming months.