Seven sectors shrink in third quarter, dimming hopes of economic rebound
Summary
Nepal's economic growth slowed in the third quarter, with seven major sectors contracting due to weak government spending and lower imports, resulting in a projected annual growth of just 3.51 percent.
Key Points
- Seven major sectors including agriculture, manufacturing, and education contracted in Nepal's third quarter.
- Economic growth for the third quarter was 0.58 percent compared to the previous quarter, lower than last year's 0.92 percent.
- Year-on-year growth is estimated at 3.51 percent, slower than the 4.05 percent seen last year.
- Weak government spending and reduced imports of machinery and construction materials are key factors in the economic slowdown.
