The National Statistics Office (NSO) has projected Nepal’s economic growth rate to reach 4.61 percent in the current fiscal year (FY 2024/25).

Unveiling the estimates at a program on Wednesday, Chief Statistical Officer Madhusudhan Burlakoti said that the economy has been gradually recovering, with key indicators showing improvement following the downturns caused by the COVID-19 pandemic and past earthquakes.

According to the NSO, Nepal’s economy grew by 3.67 percent in FY 2023/24 and by 1.98 percent in FY 2022/23.

While growth in the agricultural sector has slowed, with a projected increase of just 3.28 percent this fiscal year—slightly lower than the 3.35 percent recorded last year—the non-agricultural sector has shown stronger momentum. According to the NSO, the non-agricultural sector is expected to grow by 4.28 percent this fiscal year, up from 3.36 percent in the previous fiscal year.

The NSO stated that the projections were based on data available up to mid-April and statistical models used for the remaining months of the fiscal year.

The size of Nepal’s economy is estimated to reach Rs 6107 billion by the end of FY 2024/25, up from Rs 5704 billion at the end of FY 2023/24.