According to a report, the country’s economy is showing signs of recovery, mainly attributed to improvements in the agriculture sector.
The National Accounts Committee (NAC) released a report covering the first nine months of the current fiscal year (FY) 2024, indicating unexpected growth in the economy due to increased agricultural output. Last year, the growth rate was a mere 0.21%, whereas this year it is anticipated to exceed 2.38%.
The NAC report highlights a growth rate of 3.94% in the agriculture sector, 3.84% in the industrial sector, and 0.83% in the services sector so far in the ongoing fiscal year.
The increased crop production this year has significantly contributed to the improved growth rate in the agriculture sector, as stated in the report. However, the industrial and services sectors have experienced lower-than-expected growth rates this fiscal year, primarily due to reduced manufacturing activities in automobile, electronics, and textile products.
