Today: 5 July 2025
28 February 2023
2 mins read

Nepal records lowest Q1 growth in 7 years

Mining and quarrying and the construction industry had suffered the most, as they reported 29.2 per cent and 24 per cent in negative growth respectively…reports Asian Lite News

Nepal’s economy grew at 0.8 per cent during the first quarter of the current 2022-23 fiscal year which began in mid-July 2022, the lowest year-on-year growth in the past seven years, the National Statistics Office (NSO) has reported.

The country logged a growth of 3 per cent over the same period of the 2021-22 fiscal year and has targeted an 8-per cent growth for the current fiscal year, Xinhua news agency reported.

Nepal had witnessed negative growth in five sectors: construction, mining and quarrying, wholesale and retail and repair of motor vehicles, transportation and storage and education, according to the NSO figures.

The combined contribution of the five sectors to the economy stood at 37.2 per cent in the last fiscal year, the NSO said.

Mining and quarrying and the construction industry had suffered the most, as they reported 29.2 per cent and 24 per cent in negative growth respectively.

“The main reason behind the slump in the construction sector is the lack of cash flow in the entire supply chain of the sector,” Rabi Singh, president of the Federation of Contractors’ Associations of Nepal, told the news agency.

“The government has not been able to make payment for construction works completed with its revenues declining, while the private sector has suffered from a resources crunch with the banks not being able to provide loans as they are facing liquidity crunch in the last one and half years,” added Singh.

The overall demand for goods slumped by 28.28 per cent during the first quarter of the current fiscal year, the Confederation of Nepalese Industries said in a report in December 2022.

Dahal to leave for Doha

 Nepal Prime Minister Pushpa Kamal Dahal will leave for Doha, Qatar on March 3 for attending bilateral meetings and fifth Conference of the Least Developed Countries (LDCs).

Of the eight thematic round-table meetings during the LDCs’ conference, the Nepali delegation will participate in three.

A delegation headed by PM Dahal will leave for Doha on March 3 and return on March 6, Ministry of Foreign Affairs spokesperson Sewa Lamsal was quoted as saying by The Kathmandu Post.

On March 4, Dahal is scheduled to address the Conference to be organised by Malawi, the LDCs Chair, and make the country’s statement as the 26th speaker in the general debate of the Conference, Lamsal said.

Besides, Dahal is scheduled to attend bilateral meetings and participate in some programmes of the UN also on the sideline of the conference.

He is expected to attend the programmes organised by the Nepali Embassy and the Nepali community.

ALSO READ-Nepal’s ruling coalition in a fix

Previous Story

Argentina reopens embassy in Dhaka

Next Story

Saudi to upgrade India ties to ‘highest level’

Latest from -Top News

BRICS must break the digital chains

BRICS nations need to build consensus, balance innovation and social justice by reinforcing the digital sovereignty of Global South, including evenly distribution of benefits through AI, writes Baidya Bikash Basu BRICS, the

G42 AI tool boosts procurement by 40%

Abu Dhabi’s tech giant leads the charge in AI-driven operational transformation with (In)Business Procurement platform. Abu Dhabi-based global technology powerhouse G42 has taken a major leap in enterprise digital transformation with the

ADX, banks launch region’s first digital bond

Abu Dhabi Securities Exchange (ADX) has launched the pricing phase for the region’s first distributed ledger technology (DLT)-based bond, setting a new benchmark in financial innovation and blockchain integration. The bond, issued

Saudi, Indonesia seal $27bn in deals

Saudi Arabia and Indonesia deepen ties with $27bn in agreements, boosting trade, energy, defence and pilgrimage cooperation, signalling a new chapter in strategic partnership. Saudi Arabia and Indonesia inked a raft of

UN urges investments in Syria

Rebuilding Syria requires not only emergency relief but sustained investment in basic services, economic recovery, and stability, says UN Office in Syria. A high-level United Nations delegation has called for increased international
Go toTop

Don't Miss

Nepal bans foreign solo trekkers from April

According to the NTB, around 50,000 tourists trekked without a

India’s Foreign Secretary due in Nepal

The Indian diplomat will also call on President Bidhya Devi