Economic growth projected at 3.9%: Economic Survey

KATHMANDU: The economic growth rate for the current fiscal year is projected to reach 3.9%.

Presenting the Economic Survey of the current fiscal year 2022/23 with data for the first eight months, Finance Minister Barsha Man Pun said that the economy is estimated to expand by 3.9%, citing improvements in economic indicators, agriculture and the service sector.

Similarly, Pun informed that the economic growth rates of Bagmati, Gandaki and Lumbini provinces are expected to exceed the national average income. He also estimated that the upcoming fiscal year’s budget will cross Rs 1,741 billion.

Pun also termed the development expenditure of the federal government satisfactory.

The Economic Survey states that the average life expectancy of Nepalis has reached 71 years. The survey estimated that the per capita income of Nepalis will reach $1,456.

Pun said that 34,000 km of roads have been constructed and that Nepal has become self-reliant in energy with an electricity production of 3,060 megawatts.

He also said that revenue mobilization has been gradually improving. By mid-March of the current fiscal year, the federal government’s revenue collection increased by 6.9% to Rs 639.5 billion. During this period, federal expenditure increased by 2.9% to Rs 801.98 billion.

Likewise, the total public debt reached Rs 2,388 billion by mid-March 2080 BS. Domestic debt accounted for 49.6% and external debt 50.4% of the total public debt, according to the survey.