•      Sun Jul 21 2024

Size of economy estimated to augment, new base year for GDP calculation

KATHMANDU: The existing size of the national economy is estimated to increase with the implementation of new base year. It is so after the Central Bureau of Statics changed the base year of the GDP calculation.

It was shared at a programme organized by the CBS that that a new base year was maintained by replacing the base year of calculating auditing statistics, 2000/01. Now onwards, the fixed price would be calculated and measured on the basis of new base year, 2010/11. It has been the new base year of sorts of calculation.

The CBS maintained the news base year in view of the rising new sectors in economy and changed context. CBS Director Ishwori Prasad Bhandari shared that the base year was changed in line with international standard and principles. This is the fifth base year in Nepal’s history.

“It is difficult to measure the economy accurately on the basis of two decade long base year,” he argued. Meanwhile, as per new base year, the economic growth rate is negative in the fiscal year 2076/77. In the last fiscal year, Nepal had negative growth rate of – 1.99 percent.

Similarly, the per capita income this year is 1,134 US Dollars, the CBS said, adding that the size of economy has now reached Rs 3,943 billion.

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