Nepal Development Update, December 2019 : Envisioning a Future Data Ecosystem in Federal Nepal
Economic growth in Nepal remained robust, reaching 7.1 percent in FY2019. This is in contrast with past growth that averaged 4.1 percent a year between FY2007 and FY2016. The service sector accounted for 57 percent of the growth, and the agricultur...
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| Format: | Report |
| Language: | English |
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World Bank, Kathmandu
2019
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| Online Access: | http://documents.worldbank.org/curated/en/485591576101383264/Nepal-Development-Update-Envisioning-a-Future-Data-Ecosystem-in-Federal-Nepal http://hdl.handle.net/10986/32891 |
| Summary: | Economic growth in Nepal remained
robust, reaching 7.1 percent in FY2019. This is in contrast
with past growth that averaged 4.1 percent a year between
FY2007 and FY2016. The service sector accounted for 57
percent of the growth, and the agriculture sector
contributed an additional 24 percent. Higher remittance
inflows and a surge in tourist arrivals translated into
higher growth in retail trade, real estate, transport, and
hotel and restaurant services. Good monsoons and increased
commercialization coupled with improved availability of
fertilizers, seeds, and irrigation facilities contributed to
higher paddy, maize, and wheat production. Higher
remittances also supported increased private consumption,
while private investment expanded because of regular
electricity supply and greater political and policy
stability. However, public investment contracted as
post-earthquake housing reconstruction slowed and national
pride projects like Melamchi water supply and Upper
Tamakoshi hydroelectric were further delayed. Net exports
continued to underperform. |
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