The average economic growth rate in the last five years (2010-2014) was 6.46 percent
T he Gross Domestic Product (GDP) in constant prices of 2014 was Nu. 55,478.14 million which has grown by 5.46 percent from Nu. 52,606.45 million in 2013. The average economic growth rate in the last five years (20102014) was 6.46 percent.
According to the National Accounts Statistic 2015 report maintained by the National Statistics Bureau states that, hotel and restaurants with a growth of 17.38 percent, the Mining Sector with 17.01 percent and wholesale and retail trade with 13.65 percent performed relatively better amongst sectors in 2014.
But electricity and water supply which had a grown of 10.76 percent in 2013 slipped to negative 3 percent in 2014, states the report.
Whereas the report also shows that, the nominal GDP increased to Nu.119, 545.75 million in 2014 from Nu. 105,378.35 million in 2013 which is an increase of 13.44 percent.
According to the report, the overall growth of GDP was 2.06 percent in 2013 but the GDP growth has increased to 5.17 percent in 2014.
The report also shows that the GDP by economic activity at current prices that is from 2010-2014. The agriculture, livestock and forestry sectors contributed highest percent to GDP growth for the nation which contributed to 16.10 percent in 2013 and it has increased to 16.77 percent in 2014. During the year 2014, the total GDP contributed by crops was 10.06 percent, in the same year, livestock contributed to 4.07 percent and forestry and logging contributed 2.64 percent in the same year to GDP growth.
According to the report, an orange which is the high value crops contributed the highest; the gross value of output was Nu. 3,876.85 million in 2014 which was increased from 1,882.38 million in 2013. Followed by paddy which contributed the second highest which accounts for Nu. 2,730.20 million in 2014. But millets contribute the lowest of Nu. 37.46 million in 2014.
Whereas, the share of livestock to the GDP remained more or less the same as the previous year at around four percent because it noted an increase of 2.31 percent in 2014 from 2.04 percent in the previous year, states the report.
And the gross value added contribution from forestry and logging sector at current prices recorded Nu.3, 152.09 million. This was an increase of 4.10 percent from Nu. 3,027.84 million in the previous year.
This was followed by construction sector; it contributed 15.46 percent in 2014 to the GDP growth. The construction sector registered a growth of 3.67 percent in 2014 which was increased from Nu. 17,826.07 million in 2013 to Nu. 18,479.70 million in 2014. However, the share to the GDP declined by more than one percent from 16.92 percent in 2013 to 15.46 percent in 2014, states the report.
Meanwhile, the report states that private social and recreational services contributed lowest percentage in the GDP growth which constitutes of 0.39 percent in the GDP growth in 2014.