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Contribution of Agricultural Sector in GDP Declines

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April 30: It has been projected that the contribution of agricultural and forest sectors to the gross domestic product (GDP) of the country in the Fiscal Year 2017/2018 would decline by a slim margin.

The National Accounts Statistics of the Central Bureau of Statistics shows that the contribution of the sector would decline by 1.15 percent in comparison to the last fiscal year.

The contribution of the agricultural sector to the GDP has been declining with each passing year. The statistics shows that the contribution of agricultural sector has been declining since the last five years.

The agricultural sector, which has been the major contributor to the economy, will have a share of 27.10 percent in the total GDP of the country in the Fiscal Year 2017/2018. In the Fiscal Year 2013/2014, the agricultural sector had a contribution of 32.16 percent, which declined to 31.27 percent in the Fiscal Year 2014/2015.

Likewise, in the Fiscal Year 2015/2016, the contribution was 31.08 percent, which plunged massively to 28.25 percent.

According to the Ministry of Agriculture, Land Management and Cooperatives, the massive flood during the start of the current fiscal year had affected the agricultural sector badly. The data of the ministry shows that the flood caused damages worth Rs 5.84 billion to the sector.

 

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