FROM ISSUE #123 (13 DEC 2002 - 19 DEC 2002) | TABLE OF CONTENTS
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For the first time in the last two decades, Nepal's Gross Domestic Product (GDP) has turned negative in the last fiscal year 2001-02, officials said. According to Central Bureau of Statistics (CBS), Nepal's GDP growth recorded a negative rate of 0.63 percent last year due mainly to negative performances of the manufacturing and tourism sectors. Earlier, preliminary estimates had projected Nepal's GDP to grow by 0.8 percent in the last fiscal year. In the year 2000-01, Nepal's GDP had grown by 4.83 percent. With escalating problems at home and abroad, domestic industries saw a decline of -10.79 percent in the fiscal year ending on July 15, 2002. "We see it as a temporary phenomenon and hope that things will improve as soon as there is improvement in the law and order situation," said SMN Subhani, director general at CBS. According to CBS, imports went down by 7.7 percent and exports declined by 14.6 percent in the last fiscal year. The tourism sector also registered a sharp decline. Nineteen years ago (1982/83), GDP growth rate was negative at -2.98 due to a decline in the agricultural sector.