Government Releases Economic Survey for Fiscal Year 2082/83

Kathmandu. The government has released the economic survey for the current fiscal year 2082/83. On Wednesday, Finance Minister Dr. Swarnim Wagle released the economic survey for the current fiscal year 2082/83 in the House of Representatives. According to the survey released by him, it has been mentioned that Nepal's overall economic indicators are mixed amidst global economic uncertainty and geopolitical tensions. Similarly, the survey has pointed out that while the external sector (foreign exchange reserves and remittances) looks encouraging, challenges still remain in domestic production and revenue collection. The recently concluded sovereign credit rating of Nepal has been taken as a positive message for the economy. The government has estimated an economic growth rate of 3.85 percent in the current fiscal year. Similarly, the government estimates the size of the economy to reach 66 trillion rupees in the current year. Similarly, other economic indicators: Per capita income to reach 1,535 US dollars. Economic growth rate of provinces other than Gandaki and Bagmati provinces will be lower than the national average. Contribution of the agricultural sector to gross domestic product will be 24 percent. Federal expenditure increased by 10.4 percent, but capital expenditure has not improved significantly. Total public debt is 28 trillion 78 billion. It has reached 43.6 percent of gross domestic product. Trade deficit has increased by 11.2 percent to 10 trillion 98 billion. Foreign exchange reserves are 34 trillion 14 billion. Sufficient to cover 18.5 months of goods and services imports. Sectoral Contribution: Contribution of agriculture to the economy will be 24.0 percent and non-agricultural sector 76.0 percent. Contribution of primary, secondary and service sectors to the economy will be 24.46 percent, 13.73 percent and 61.81 percent respectively. Bagmati Province will contribute the most (36.7 percent) to the total GDP and Karnali will contribute the least (4.2 percent). Consumption and Price Increase (Inflation): The share of consumption in Nepal's economy remains high. 90.3 percent of total production is spent on consumption. Private sector's share in total consumption is 91.26 percent, government sector's 6.62 percent and non-governmental sector's 2.12 percent. Although there is pressure of price increase in the world market, inflation in Nepal will remain within the desired limit. Average consumer inflation by Falgun is 2.13 percent. External Sector: Trade, Remittances and Foreign Exchange Reserves: Foreign exchange reserves record historical high: Foreign exchange reserves have reached their highest point ever. As of Falgun, total reserves reached 34 trillion 13 billion 77 crore, which is sufficient to cover 18.5 months of goods and services imports. Remittance inflow increased by 37.7 percent to 14 trillion 49 billion 70 crore. Balance of payments surplus is 6 trillion 58 billion and current account surplus is 5 trillion 52 billion 85 crore. Trade Deficit: Merchandise trade deficit increased by 11.2 percent to 10 trillion 98 billion 14 crore. The share of exports in total trade is only 12.9 percent. Public Finance and Debt Situation: Budget and Revenue: Federal expenditure increased by 10.4 percent and revenue by 3.2 percent by Falgun of the current year. The federal government's fiscal balance is in deficit by 58 billion 1 crore. Public Debt: The country's total public debt is 28 trillion 78 billion 30 crore. Domestic debt is 46.8 percent and external debt is 53.2 percent. Public debt has reached 43.6 percent compared to gross domestic product. Banking Sector and Capital Market: Banking Access and Loans: As of Falgun, deposit accounts reached 6 crore 20 lakh and loan accounts reached 20 lakh 40 thousand. Mobile banking users are close to 3 crore. While deposits increased by 6.64 percent, loans to the private sector increased by 4.4 percent. The average rate of non-performing loans in banks has reached 5.42 percent. Share Market: NEPSE index reached 2820.45 points. Total market capitalization has reached 47 trillion 44 billion. The number of Demat account holders has reached 76 lakh 39 thousand. This is 26 percent of the total population. Poverty, Employment and Social Security: Poverty: Absolute poverty has decreased to 20.27 percent and multidimensional poverty to 17.4 percent. Social Security: Beneficiaries receiving social security allowance have reached 36 lakh 41 thousand. 28 lakh 50 thousand workers are affiliated with the contribution-based social security fund. Foreign Employment: The number of Nepalis taking labor permits for foreign employment has exceeded 69 lakh. In the current year alone, 2 lakh 73 thousand new and 2 lakh 51 thousand renewed labor permits have been issued. National Identity Card: Out of the 2 crore 1 lakh details collected so far, national identity cards have been distributed to 40 lakh 33 thousand people. Health, Education and Human Development: Health: Maternal mortality rate has decreased to 151 per lakh live births. Child mortality rate is 31. 21 lakh 48 thousand citizens are covered by health insurance. The number of government hospitals has reached 8,976. Infrastructure, Energy, Agriculture and Tourism: Roads and Transport: 1 lakh 4 thousand 9 hundred 6 km of roads have been expanded across the country. Telephone density has reached 103.2 percent and internet penetration has reached 145.7 percent. Energy: 99.1 percent of the population has access to electricity. Total installed capacity has reached 4 thousand 105 megawatts. 2918 gigawatt-hours of electricity have been exported to India. Industry and Tourism: In the current year, investment worth 4 trillion 92 billion has been approved through the Department of Industry and Investment Board. Improvement in tourism is coming, with an estimated 11 lakh 62 thousand tourists visiting Nepal in 2025 and their average stay reaching 16.34 days.