The summary accepted for submission to the National Economic Council (NEC) asks the NEC to adopt a GDP growth objective of 5.01 percent for 2022-23, as well as sectoral growth rates of 3.9 percent for agriculture, 5.9 percent for industry, and 5.1 percent for services.
According to budget papers, the country’s provision GDP for the current fiscal year was 5.97 percent, above the objective of 4.8 percent.
The following is a comprehensive breakdown of the GDP, as well as sectoral targets:
Agriculture (4.4 percent), industry (7.2 percent), and the services sector all contributed to the current fiscal year’s growth (6.2 percent).
The predicted crop output is lower than the objective and the previous year’s crop production, owing to a reduction in area and yield. Short supply of fertilizers and irrigation water/less precipitation during Rabi 2021-22 were important contributors to the recent lower-than-target wheat output, which was 3.9 percent lower than the previous year’s crop. The livestock, forestry, and fishing subsectors, respectively, grew by 3.3 percent, 6.1 percent, and 0.3 percent.
The industrial sector was expected to rise by 6.5 percent, with large-scale manufacturing (LSM) expected to develop at 6%, building at 8.3%, and electricity and gas distribution at 10.7%.
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