Economic Survey 082/83: Economy expected to expand by 3.85 percent

According to the Economic Survey, there has been significant progress in technology-friendly payments. As of February, transactions conducted through QR codes have exceeded 125 billion.

Jestha 13, 2083

Kantipur Reporter

Economic Survey 082/83: Economy expected to expand by 3.85 percent

We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:

This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.

Finance Minister Swarnim Wagle has presented the Economic Survey for the current fiscal year 2082/83 in the Federal Parliament. Presenting the Economic Survey, Finance Minister Wagle said that despite the uncertainty in the global economy and regional conflicts, Nepal's macroeconomic indicators have improved and there has been satisfactory progress in the social sector.

The economic survey presented by Finance Minister Wagle estimates that Nepal's economy will expand by 3.85 percent in the current fiscal year. At a time when the global economy is projected to shrink by 3.1 percent, this growth rate for Nepal is considered positive. The total size of the country's economy is projected to reach 6.6 trillion and the per capita gross national income of Nepalis is projected to reach 1,535 US dollars. Provincially, although the growth rate of Bagmati and Gandaki provinces is above the national average, the growth rate of other provinces is expected to be below the average.

According to the survey presented by the Finance Minister in the Parliament, the contribution of the agricultural sector to the GDP is estimated to be 24 percent and that of the non-agricultural sector to 76 percent. Bagmati Province continues to dominate economic activity, contributing 36.7 percent to the GDP. However, the survey showed that the production of the main food crop, rice, contracted by 4.20 percent to 5.7 million 5 thousand metric tons.

Presenting the economic survey to the parliamentarians, Finance Minister Wagle informed that the federal revenue had increased by 3.2 percent till Falgun of the current fiscal year. According to him, although government expenditure increased by 10.4 percent, there has been no significant improvement in capital expenditure (development expenditure). The government's total public debt has reached 2878 billion, which is 43.6 percent of the GDP. This year, the government has mobilized 3 trillion public debt.

Wagle, while presenting the survey, said that the country's external sector is looking very strong. According to him, remittance inflow has increased by 37.7 percent to Rs 1450 billion. Foreign exchange reserves have reached a historic high of Rs 3414 billion, which is enough to cover 18.5 months of goods and services imports. However, the trade deficit has increased by 11.2 percent to Rs 1098 billion, which has become a challenge for the economy.

According to the economic survey, there has been significant progress in technology-friendly payments. Transactions through QR codes have exceeded Rs 125 billion by the month of Falgun. Similarly, Nepal has received a 'BB minus' stable outlook in the 2025 sovereign credit rating, which indicates that Nepal's reputation has improved internationally. Inflation (price inflation) is under control, which is an average of 2.13 percent.

Nepal has made progress in human development indicators. The Human Development Index is 0.622 and the average life expectancy of Nepalis has reached 71.3 years. In the health sector, the maternal mortality rate has decreased to 151 per lakh and the under-5 child mortality rate has decreased to 33 per thousand. The net enrolment rate in basic education has reached 97.8 percent, while the economic survey has mentioned that the affiliation of citizens to health insurance and social security funds is increasing.

Kantipur

Link copied successfully