Last year economic growth rate negative by 1.19 percent

Kathmandu, March 4

According to the Central Statistics Office, the last fiscal year economic growth rate was negative by1.9 percent. On Thursday, the fact was made public through a press conference.

Earlier, economic growth was projected at 2.27 percent. According to the department, the country’s total GDP has reached Rs 39.43 trillion.

Similarly, the department has also changed the measurement year of economic growth. Earlier, the year 2000/2001 was considered as the year of measurement, but now the year 2010/2011 will be considered as the year of measurement, which will also increase the size of the country’s GDP.

The department has informed that the year of measurement has been changed on the basis of international standards and principles.

National Accounting Estimates have been introduced in Nepal since 1962/62. In the past, Nepal had fixed 1964/65, 1974/75, 1994/95 and 2000/2001 as base years. Currently, the base year has been changed to 2010/11 as the new base year, the department said.