Nepal Witnesses a Six-year Low Growth

 Nepal’s economic growth recorded at 3.56 per cent -- a six-year low growth -- at basic price for the fiscal 2012-13‚ according to preliminary estimation of the Central Bureau of Statistics’ (CBS). Delay in bringing the government budget has curtailed public spending in major areas such as health‚ education and social sector and failed to create demand‚ reducing the growth rate, said CBS. 

The decline in agriculture growth rate has pulled the overall economic growth rate down to a six-year low‚ CBI data reveals. According to the bureau, the agriculture is expected to grow by a mere 1.21 per cent in the current fiscal year against last fiscal year’s 4.94 per cent growth. 

The low production of key crops like paddy‚ maize and wheat due to delayed monsoon and disruption in supply of fertilizer have hit the agriculture output‚ according to the Bureau. However‚ the non-agriculture sector is expected to record a marginal growth -- 4.98 per cent from 4.15 per cent -- compared to last fiscal year, the CBI adds.