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Nepalís Per Capita Is $470 ...A misprint or a fact?

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eveningpolestar

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Propelled by the a strong growth in both the agriculture and non-agriculture sectors, the long-ailing economy has bounced back to record 5.56 percent growth in the current fiscal year, highest economic expansion in last the seven years. With the growth, the total size of Nepali economy in producersí price has scaled up to Rs 828.8 billion (US$12.80 billion) while the per capita income has also increased by around 11 percent to Rs 30,361 per year (470 US$). However, with the creeping inflation, which is around 9 percent, the real purchasing capacity of Nepali consumers is estimated to grow marginally in the year. According to a preliminary estimate of national accounts prepared by the Central Bureau of Statistics (CBS), agriculture sector, which contributes 32 percent to national economy, grew by 5.65 percent while the growth of non-agriculture sector was around 5.52 percent.

Finance minister Dr Ran Sharan Mahat said that the growth which has been encouraging, was made possible due to prudent and tactful management of the economy even at the most difficult period. The big push for this yearís growth came from the long-yeaning agriculture sector, which witnessed a record 5.65 percent growth in 14 years, thanks mainly to almost 17 percent growth in production of paddy, the heavyweight of the agricultural sector. Likewise, the wholesale and retail sector that holds the second largest contribution to national economy after agriculture expanded by 6.43 percent whereas its expansion last year was negative. Increasing purchasing power of consumers mainly due to a double-digit growth in remittance inflow fueled the growth.

Similarly, despite a strong growth in communication sector, the lengthy transport disturbances took a toll on the sector, resulting in a slowest growth of 6.6 percent in transport and communication sector, the third largest contributor to national output. The most impressive growth came from the financial intermediation sector, which mainly represents banking and insurance businesses. According to CBS estimate, annual growth of the sector recorded at 13.8 percent from last yearís around 9 percent.

Robust rebound in tourist arrivals also propped up the long-ailing hotels and restaurants sector to grow by 7.5 percent, the highest growth in years. Likewise, construction sector that represents nearly 7 percent in the overall economy also showed a moderate growth of 4 percent compared to 2.5 percent last year. However, the most pessimistic development came from the manufacturing sector, which recorded a nominal growth of 0.18 percent, lowest since it recorded negative in 2001/02 mainly due to deteriorating industrial relations and political uncertainty.
Source: www.blog.com.np & The Kathmandu Post

I am finding it hard to believe...what do you think? Please share...


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Razor Blade

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Well I have nothing to believe on the fact sheet.
But to my knowledge the fact has been brought forward after having a discussion with World Bank and Asian Development Bank. These two great agencies have invested a lot in Nepal and there investments have lesser impact in the country's economy. In order to save there existence in Nepal the fact has been brought forward. If the real economic growth had been brought forward there would be a lot of questions against world bank and asian development bank.

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kalokapal


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It is true..The figure they quoted there is in absolute dollar terms, and it does not consider for purchasing power differences. I think our GDP per capita considering for purchasing power differences would be something like 1200 USD a year....

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eveningpolestar

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Razor Blade wrote:Well I have nothing to believe on the fact sheet.
But to my knowledge the fact has been brought forward after having a discussion with World Bank and Asian Development Bank. These two great agencies have invested a lot in Nepal and there investments have lesser impact in the country's economy. In order to save there existence in Nepal the fact has been brought forward. If the real economic growth had been brought forward there would be a lot of questions against world bank and asian development bank.

I wonder how you could arise questions to world bank and asian development bank if there is slow (or less or none at all) economic growth...


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If you want to be a star then you must follow your own path, shine your own light and never be afraid of the darkness, coz that's the time they shine the brightest!!

"Freedom is hammered out on the anvil of discussion, dissent, and debate.Ē - Hubert Humphrey
View user profile http://surathgiri.blogspot.com
This is question that has make all Nepali to think about the factual data. Yes it is a misprint but the income more than $470. I dont who is responsible for calculating the per capita income of the countries but under my study of International Monetary Fund "IMF" per capita income of Nepal is $1078 in the year 2007. The data was published in October 2008. And also according to World Bank per capita income is $1033 and that of Central Intelligence Agency(CIA) it is $ 1000. According to evaluators Nepal has been ranked as 159th positon by IMF, 151th position by world bank and 176th position by CIA. And all the data is according to GDP(PPP)

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