Although economic growth was initially estimated at 3.4 percent in the first quarter of last year, the actual growth rate during that period was 2.9 percent.
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The National Statistics Office has projected the country's economic growth rate to be 3.2 percent in the first quarter of the fiscal year 2082/83.
The first-quarter gross domestic product (GDP) report released by the office on Wednesday projected an economic growth of about 3.2 percent. According to the report, the quarterly gross domestic product at basic prices is initially estimated to grow by 3.2 percent in the same period of the current fiscal year compared to the first quarter of the previous fiscal year 081/82.
Although the economic growth rate was initially estimated to be 3.4 percent in the first quarter of last year, the actual growth rate during that period was 2.9 percent.
Compared to the first quarter of the fiscal year 2081/82, the growth rate in that period was only slightly more than three percent due to a contraction in food crops, forest products, non-life insurance, and domestically produced construction materials during the same period of the current fiscal year, the report stated.
The office has made a preliminary estimate that the economic growth rate will increase by 3.02 percent in the first quarter due to an increase in various activities including electricity generation and distribution, individual triage, animal products, fruits and vegetables, trade services, and tourism arrivals.
Overall, the office has estimated that all 18 industrial classifications presented in this quarter have a positive growth rate.
At basic prices, the GDP growth rate in the same period of this fiscal year has been seen as negative by 1.68 percent compared to the fourth quarter of the fiscal year 2081/82. The office has stated that the overall gross domestic product is estimated to be negative due to the impact of negative growth in 13 out of the total 18 industrial classifications of the economy during that period and the general growth in other sectors.
