National Economy Expected to Grow By 4.61 Percent in 2024-25

The national economy is estimated to grow by 4.61 percent in the current fiscal year 2024-25, if data from the National Statistics Office (NSO) are any guide.

According to the Annual National Account Statistics for the current fiscal (2024-25), which the National Statistics Office (NSO) released on Wednesday, Nepal’s economic growth will be 4.61 percent at purchasers' price for the current fiscal year while the gross domestic product (GDP) in basic prices will be at 3.99 percent.

Interestingly, the NSO estimates are lower than the government’s projection of a six percent growth rate mentioned in its budget announcement for the current fiscal. 

At the same time, the NSO has revised the economic growth rate at purchasers' prices in the fiscal 2023-24 to 3.67 percent, while the economic growth in the fiscal year 2022-23 has remained 1.98 percent.

At base prices, the revised economic growth rate for 2023-24 is 3.36 percent.
Chief Statistician Madhu Sudan Burlakoti said that the economy has shown steady improvement over the past few years, recovering from the impacts of the COVID-19 pandemic. 

“All sectors are expected to show positive growth this fiscal year, unlike in the previous year where some sectors experienced negative growth,” he noted.

He said that the growth estimation has been made expecting that no major economic shocks are anticipated during the remainder of the fiscal year, signaling continued stability and gradual progress.

Size of economy to reach Rs 6,107 billion

According to the NSO, the size of Nepal's economy is estimated to reach Rs 6,107 billion in 2024-25 against the last fiscal's estimated size of Rs 5,709 billion and Rs 5,376 billion of 2022-23.

The statistics show that agricultural sector is estimated to grow by 3.28 percent and the non-agricultural sector by 4.28 percent in the current fiscal.
According to the revised statement, the growth rate of primary and service sectors would be 3.35 percent and 4.35 percent, respectively in the last fiscal year 2023-24. 

The primary, secondary and service sectors are estimated to contribute 25.6 percent, 12.4 percent and 62 percent, respectively to the GDP in the current fiscal year.

Per-capita GNI: $1,517

According to the NSO, the gross national income per capita is estimated at $1,517 in the current fiscal (2024-25).

For the fiscal 2023-24, the revised gross national income per capita is $1,467 whereas for the fiscal 2022-23, the gross national income per capita remained at $1,410.

According to the NSO, the GDP per capita is estimated to be $1,496 in the current fiscal against the last fiscal’s revised per capita GDP of $1,443. 

According to revised statistics, per capita GDP was maintained at $1,393 in 2022-23.

In the fiscal 2024-25, the gross output at basic prices is estimated to reach Rs 9,246.55 billion against the last fiscal’s estimated gross output of Rs 8,780.77 billion.