Contribution of agri sector to GDP to rise to 27 percent: CBS
April 26, 2018 07:12 AM NPT
KATHMANDU, April 27: Agriculture and Forestry sector is estimated to contribute 27.10 percent to Gross Domestic Product (GDP) of the country in the current fiscal year.
According to National Accounts Statistics of Nepal (2017/18 Annual Estimates) published by Central Bureau of Statistics (CBS), GVA by this sector is estimated to grow by 2.12 percent.
Despite 1.5 percent drop in paddy production, the crop alone is estimated to contribute 20.75 percent of GVA in the current fiscal year.
According to Ministry of Agriculture, Land Management and Cooperatives, the country produced 5.1 million tons of paddy in the current fiscal year compared to 5.2 million tons in FY2016/17.
“GVA by major crops like wheat and maize has also been estimated to increase in the current fiscal year,” added the report. “Agricultural ministry has also estimated that GVA by pulses and fruits will fall down, while GVA by other crops is likely to grow slightly.”
Farm modernization, easy access to seeds and fertilizers, and improved irrigation facility as well as favorable climate are some of the reasons behind slight increase in contribution of agri sector to GDP in the current fiscal year, according to the report.