Mining and quarrying and the construction industry had suffered the most, as they reported 29.2 per cent and 24 per cent in negative growth respectively…reports Asian Lite News
Nepal’s economy grew at 0.8 per cent during the first quarter of the current 2022-23 fiscal year which began in mid-July 2022, the lowest year-on-year growth in the past seven years, the National Statistics Office (NSO) has reported.
The country logged a growth of 3 per cent over the same period of the 2021-22 fiscal year and has targeted an 8-per cent growth for the current fiscal year, Xinhua news agency reported.
Nepal had witnessed negative growth in five sectors: construction, mining and quarrying, wholesale and retail and repair of motor vehicles, transportation and storage and education, according to the NSO figures.
The combined contribution of the five sectors to the economy stood at 37.2 per cent in the last fiscal year, the NSO said.
Mining and quarrying and the construction industry had suffered the most, as they reported 29.2 per cent and 24 per cent in negative growth respectively.
“The main reason behind the slump in the construction sector is the lack of cash flow in the entire supply chain of the sector,” Rabi Singh, president of the Federation of Contractors’ Associations of Nepal, told the news agency.
“The government has not been able to make payment for construction works completed with its revenues declining, while the private sector has suffered from a resources crunch with the banks not being able to provide loans as they are facing liquidity crunch in the last one and half years,” added Singh.
The overall demand for goods slumped by 28.28 per cent during the first quarter of the current fiscal year, the Confederation of Nepalese Industries said in a report in December 2022.
Dahal to leave for Doha
Nepal Prime Minister Pushpa Kamal Dahal will leave for Doha, Qatar on March 3 for attending bilateral meetings and fifth Conference of the Least Developed Countries (LDCs).
Of the eight thematic round-table meetings during the LDCs’ conference, the Nepali delegation will participate in three.
A delegation headed by PM Dahal will leave for Doha on March 3 and return on March 6, Ministry of Foreign Affairs spokesperson Sewa Lamsal was quoted as saying by The Kathmandu Post.
On March 4, Dahal is scheduled to address the Conference to be organised by Malawi, the LDCs Chair, and make the country’s statement as the 26th speaker in the general debate of the Conference, Lamsal said.
Besides, Dahal is scheduled to attend bilateral meetings and participate in some programmes of the UN also on the sideline of the conference.
He is expected to attend the programmes organised by the Nepali Embassy and the Nepali community.
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