The moderate development was made possible by increased worker remittances and agricultural incomes.
At its 110th meeting, the National Accounts Committee (NAC) authorized updated annual growth rates for FY23 and FY24 as well as revised quarterly GDP growth rates for Q1, Q2, Q3, and fresh projections for Q4 in FY24.
In addition, the Asian Development Bank projected a 2.4 percent growth for FY24 in their prognosis. Additionally, the bank projects 2.8 percent growth in FY25.
Growth goal missed as a result of the decline in industrial production
The NAC meeting authorized the updated quarterly growth rates for FY24’s Q1, Q2, and Q3. As a result of yearly benchmark revisions, the rates went from 2.71 percent, 1.79 percent, and 2.09 percent at the previous meeting to 2.69 percent, 1.97 percent, and 2.36 percent.
