Major highlights of Economic Survey

KATHMANDU: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel presented the Economic Survey for fiscal year 2024/25 in the House of Representatives on Thursday.

Global Economic Outlook

• Global economic growth is expected to slow to 2.8% in 2024, down from 3.3% in 2023, due to weak trade, declining investments, and disrupted supply chains.
• Inflationary pressure is expected to ease in 2025 due to falling prices of petroleum products and other essentials.

Nepal’s Economic Growth

• Nepal’s economy is projected to grow by 4.61% in 2024/25, up from 3.67% the previous year.
• GDP is estimated to reach Rs 6,107 billion
• Gandaki Province is projected to have the highest growth rate of 5.51%, while Sudurpaschim Province (3.32%) to have the lowest

Sector-wise Growth

• Agriculture: 3.28%
• Non-agriculture: 4.28%
• Industry: 4.04%

Contribution to GDP

• Services: 62.01%
• Agriculture: 25.16%
• Industry: 12.83%

Consumption & Investment

• Total consumption: 93.45% of GDP
• Gross domestic saving: 6.55% of GDP, up from 6.22% of the previous year
• Gross capital formation to grow by 5.8%, reaching Rs 1,470 billion
• Share of Private Sector Investment: 39.1%
• Private sector Investment: 60.9%

Income & Inflation

• Per capita gross national income projected at $1,517, up from $1,467
• Average inflation is projected at 4.72%, down from 6.08% in the previous year.

Revenue, Expenditure & Fiscal Deficit

• Government revenue (first 9 months): Rs 1,150 billion, up  10.4%
• Total expenditure: Rs 1,640 billion, down 0.9%

Intergovernmental Transfers

• Transfers to provinces and local governments: Rs 325 billion
• Equalisation, conditional, special, and matching grants: Rs 239 billion
• Revenue sharing: Rs 857 billion

Foreign Aid, Debt & Trade

• Total public debt: Rs 2,670 billion
• Total foreign aid mobilised: Rs 334.62 billion
• Exports: Up 57.2% to Rs 158.17 billion
• Imports: Up 11.2%** to Rs 1,145 billion
• Trade deficit: Up 6.2% to Rs 987.39 billion

Employment (as of Mid-March)

• 5,68,188 workers are engaged in the formal sector
• 15,10,063 workers are in the informal sector
• 20,79,004 workers are registered under the Social Security Fund
• 20,244 employers are also registered in the system.

Information and Communication Technology 

• Broadband internet access has reached 6,566 local-level centers.
• Internet penetration has reached 144.23%
• Digital television available in 72% of households.

Road Development (as of mid-March)

• Total length: 36,132 kilometres.
• 19,163 km of blacktopped roads
• 8,204 km of gravel roads
• 8,765 km of earthen roads

Health

• Total number of health institutions: 8,746
• Hospitals: 345 hospitals
• Primary health centres: 149
• Health posts: 3,742
• Other health institutions: 4,510
• 1.1 doctors and 2.86 nurses per 1,000 people