Kathmandu: The National Statistics Office has publicly disclosed that the economic growth rate for the first quarter of the current fiscal year 2080/81 stands at 3.2%. This expansion in the economy during the initial three months is a positive indicator.

The government anticipates a 7% growth rate for this fiscal year, while international organizations forecast a 4% increase. Comparing the growth rate for the first quarter of this fiscal year with the last, there has been a slight contraction as the growth rate was 4.3% in the fourth quarter of the previous fiscal year.

The statistics reveal that the agricultural and forestry sector has shown significant growth, estimated at 15.8% in the first quarter. This is attributed to increased production in the fields and a positive impact from the gravel industry within the construction sector, which has expanded by 11.4%.

The financial and insurance sector takes the second position with a growth rate of 13.2%, driven by growth in deposits, changes in inter-bank interest rates, and increased insurance premiums.

Positive growth has been witnessed in the housing and food service sector with a rate of 11.7%, while the trade and commerce sector has experienced a minor contraction of 1.4%.

Despite a general increase in imports, a decline in the import of commercial goods has affected the growth rate in this sector, as reported by the National Statistics Office. The real estate business has also witnessed a modest growth rate of 2.2%.

These figures provide valuable insights into the current economic scenario, and the government remains optimistic about achieving the targeted growth rate for the fiscal year.