April 25: The Central Bureau of Statistics (CBS) has estimated that the country will see an economic growth of 5.89 percent in the current fiscal year.

The National Accounts Statistics of CBS shows that the economic growth of the country will be below six percent. Meanwhile, the government while unveiling the budget of the current fiscal year had said that the economic growth of the Fiscal Year 2017/2018 would be seven percent.

CBS unveiled the National Accounts Statistics on Wednesday. CBS also said that the gross domestic product (GDP) of the country will stand at USD 30 billion, which will be a growth of 5.89 percent.

Similarly, the statistics shows that the per capita income of Nepal stood at USD 1,004 this FY, which is a rise of USD 142 in comparison to the last year. The per capita income of this year is a record high. The per capita income of Nepal in the last year stood at USD 862.

Meanwhile, Asian Development Bank (ADB) and World Bank (WB) had projected the economic growth of the country at 4.9 percent and 4.6 percent, respectively.

The statistics show that the service sector has a massive contribution of 58 percent in the overall economy. Likewise, the contribution of agricultural sector and manufacturing sector stood at 28 percent and 14 percent, respectively.