KATHMANDU, Feb 21, 2013
Growing power cuts and deepening labor unrest has dented the country´s supply side, pulling down export growth by 1.9 percentage points in the first half of the current fiscal year 2012/13 compared to figures of the same period in the last fiscal.
The mid-term review of monetary policy unveiled by Nepal Rastra Bank on Wednesday reveals the country´s merchandise exports increased by just 9.3 percent to Rs 39.25 billion during the review period. Such exports had increased by 11.2 percent during the corresponding period in the previous year.
According to the report, merchandise imports surged by 25.2 percent to Rs 271.35 billion in the review period. Such imports had gone up by just 16.8 percent to Rs 216.68 billion during the same period a year earlier. "Total imports went up in the review period due to sharp increase in imports from India and other countries," reads the report.
The report that portrays the bleak situation of the country´s economy is even more saddening due to low surplus of balance of payment (BOP) in the review period compared to the previous year.
According to the report, BOP recorded a surplus of Rs 6.1 billion during the first half of the fiscal year 2012/13 whereas it was Rs 66.72 billion in the same period last year. The report attributes different reasons such as increasing import, low foreign aid inflow, decreasing rate of remittance flow in the country for less BOP in the review period.
The remittance flow surged by 21.8 percent to Rs 197.70 billion in the first six months compared to an increase of 37.1 percent in the same period the previous year.
Along with gloomy picture of foreign trade, the year-on-year inflation, as measured by the consumer price index (CPI), has increased by 9.8 percent in the first six months of the current fiscal year 2012/13 compared 6.8 percent a year earlier in the same period.
In the first half of the fiscal year, the year-on-year salary and wage rate index increased by 10.3 percent during the review months compared to 32.1 percent of increase in the same period last year. According to the report, the indices of wages of agricultural laborers increased by 14.6 percent, industries laborers´ by 10.5 percent and construction laborers by 8.8 percent during the review months.
Those indices had gone up by 36.5 percent, 33.4 and 37.0 percent respectively in the corresponding period of the previous fiscal year.
Source: Republica
Growing power cuts and deepening labor unrest has dented the country´s supply side, pulling down export growth by 1.9 percentage points in the first half of the current fiscal year 2012/13 compared to figures of the same period in the last fiscal.
The mid-term review of monetary policy unveiled by Nepal Rastra Bank on Wednesday reveals the country´s merchandise exports increased by just 9.3 percent to Rs 39.25 billion during the review period. Such exports had increased by 11.2 percent during the corresponding period in the previous year.
According to the report, merchandise imports surged by 25.2 percent to Rs 271.35 billion in the review period. Such imports had gone up by just 16.8 percent to Rs 216.68 billion during the same period a year earlier. "Total imports went up in the review period due to sharp increase in imports from India and other countries," reads the report.
The report that portrays the bleak situation of the country´s economy is even more saddening due to low surplus of balance of payment (BOP) in the review period compared to the previous year.
According to the report, BOP recorded a surplus of Rs 6.1 billion during the first half of the fiscal year 2012/13 whereas it was Rs 66.72 billion in the same period last year. The report attributes different reasons such as increasing import, low foreign aid inflow, decreasing rate of remittance flow in the country for less BOP in the review period.
The remittance flow surged by 21.8 percent to Rs 197.70 billion in the first six months compared to an increase of 37.1 percent in the same period the previous year.
Along with gloomy picture of foreign trade, the year-on-year inflation, as measured by the consumer price index (CPI), has increased by 9.8 percent in the first six months of the current fiscal year 2012/13 compared 6.8 percent a year earlier in the same period.
In the first half of the fiscal year, the year-on-year salary and wage rate index increased by 10.3 percent during the review months compared to 32.1 percent of increase in the same period last year. According to the report, the indices of wages of agricultural laborers increased by 14.6 percent, industries laborers´ by 10.5 percent and construction laborers by 8.8 percent during the review months.
Those indices had gone up by 36.5 percent, 33.4 and 37.0 percent respectively in the corresponding period of the previous fiscal year.
Source: Republica
