Himal Press 
KATHMANDU: The government has estimated that the economy will expand by 2.16% in the fiscal year 2022/23, down from the 8% target in the fiscal budget brought in the last week of May last year.
The National Accounting Data of 2022/23 released by the National Statistics Office on Tuesday, puts the GDP growth rate at 1.86% based on current market prices and 2.16% based on base-year prices. According to the office, the size of the economy will increase to Rs 5.38 trillion in the current fiscal year.
The office released the estimates based on the data of the first eight months of the current fiscal year.
“The economic performance of all economic sectors will remain the same as in a normal year,” the office said, issuing a press statement. “Economic activities are assumed to slightly increase in the remaining four months of 2022/23 compared to the past eight months.”
According to the office, the economy grew by 5.26% in 2021/22 and 4.49% in 2020/21. In 2019/20, the economy recorded negative growth of 2.4%.
Sectorwise Performance
The non-agriculture sector growth rate slowed to 1.92% in the review period compared to 6.56% in 2021/22. Likewise, agriculture, forestry and fishing sector registered a growth of 2.73% in the review period. The sector grew by 2.24% in 2021/22.
Workers’ remittances, which accounted for 20.42% of GDP in 2021/22 increased to 22.89% of GDP in 2022/23. The contribution of remittances to GDP was 22.08% in 2020/21.
Similarly, the share of imports declined to 36.5% in 2022/23 compared to 42.64% in 2021/22. The share of exports, however, increased nominally to 7.16% in 2022/23 compared to 6.76% in 2021/22.
