Compared to the second quarter of fiscal year 2081/82, the quarterly growth rate in the second quarter of fiscal year 2082/83 was seen to be normal due to a decline in the import of construction materials, rice production, and domestic production of some items.
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The National Statistics Office has projected a 4.05 percent economic growth in the second quarter. The Gross Domestic Product (GDP) is estimated to grow by 4.05 percent in the second quarter at basic prices.
The increase in electricity generation and distribution, deposit collection and credit flow, non-life insurance premium collection, livestock production, fruit and vegetable production, trade services, tourism arrivals, etc. is the main reason. The office has stated that all the industrial classifications out of a total of 18 industrial classifications have estimated a positive growth rate.
However, compared to the second quarter of the fiscal year 2081/82, the growth rate of the quarter is seen to be normal due to the decline in the import of construction materials, rice production and domestic production of some goods in the second quarter of the fiscal year 2082/83.
Quarterly Gross Domestic Product at basic prices is estimated to have increased by 2.04 percent in the second quarter of the fiscal year 2082/83 compared to the first quarter. Out of the total 18 industrial classifications, the overall gross domestic product is estimated to have increased moderately due to the impact of growth in 16 industrial classifications and contraction in two industrial classifications.
When comparing the second quarter of the fiscal year 2082/83 with the second quarter of the previous fiscal year 2081/82, the total value added growth rate of 18 industrial classifications is estimated to be positive. Of these, electricity and gas related activities have the highest growth rate of 22.74 percent, followed by financial and insurance activities 12.51, transport and storage 9.65, and Housing and food 5.18 percent, wholesale and retail trade 4.11 percent, are estimated to have grown.
The growth rate of the agriculture sector, which contributes the most to the economy, is estimated to be 2.21 percent, according to the office's data. Despite the decline in rice production, the modest increase in the production of livestock, vegetables, fruits and forest products has had a positive impact on total value added. The growth rate of the wholesale and retail trade sector, which accounts for the second largest share of the economy, is estimated to be 4.11 percent.
The growth rate of the sector is due to the increase in domestic production and import of trade goods, the office said. Water supply, sewage, waste management 0.55 percent, public administration and defense and compulsory social security 1.11 percent and education 1.16 percent are estimated to have grown less.
