Income, savings decline in Nepal

The per capita income and gross domestic savings in Nepal have declined in the current Nepali fiscal year (July 16, 2005-July 15, 2006), Central Bureau of Statistics (CBS) said Thursday.

"Income declined by quarter of a percent for the first time in the last five years," CBS said in a press statement.

More serious was the decline in gross domestic savings, the statement noted, saying "It went down to 11.1 percent of the gross domestic product, the first such major fall in the last 13 years."

In the last fiscal year, the ratio was 12.43 percent.

A preliminary estimate of CBS reckoned that the per capita income in terms of Nepali rupees at constant price went down to 12, 626 Nepali rupees during the current fiscal year from last year's 12,657 Nepali rupees.

However, per capita income in dollar terms at current price increased to 311 U.S. dollars form 297 U.S. dollars recorded last year.

According to the CBS survey, economic growth rate for the current fiscal year is expected to be 2.3 percent, which was also the lowest since the country witnessed a negative growth of 0.33 percent in the Nepali fiscal year 2001/02.

Source: Xinhua