Is Nepal a rich country?
Nepal is among the least developed countries in the world, with about one-quarter of its population living below the poverty line. Nepal is heavily dependent on remittances, which amount to as much as 30% of GDP. Agriculture is the mainstay of the economy, providing a livelihood for almost two-thirds of the population but accounting for less than a third of GDP. Industrial activity mainly involves the processing of agricultural products, including pulses, jute, sugarcane, tobacco, and grain.
Nepal has considerable scope for exploiting its potential in hydropower, with an estimated 42,000 MW of commercially feasible capacity. Nepal has signed trade and investment agreements with India, China, and other countries, but political uncertainty and a difficult business climate have hampered foreign investment. The United States and Nepal signed a $500 million Millennium Challenge Corporation Compact in September 2017 which will expand Nepal’s electricity infrastructure and help maintain transportation infrastructure.
Massive earthquakes struck Nepal in early 2015, which damaged or destroyed infrastructure and homes and set back economic development. Although political gridlock and lack of capacity have hindered post-earthquake recovery, government-led reconstruction efforts have progressively picked up speed, although many hard hit areas still have seen little assistance. Additional challenges to Nepal's growth include its landlocked geographic location, inconsistent electricity supply, and underdeveloped transportation infrastructure.
What is the GDP of Nepal?
|GDP - Gross Domestic Product (PPP)||$67,140,000,000 (USD)|
|GDP - official exchange rate||$21,360,000,000 (USD)|
|GDP - real growth rate||3.4%|
|GDP Per Capita||$2,500.00 (USD)|
|GDP by Sector- agriculture||31.7%|
|GDP by Sector- Industry||15.1%|
|GDP by Sector- services||53.2%|
|GDP - composition, by end use||
household consumption: 77.2%
government consumption: 12.4%
investment in fixed capital: 24.4%
investment in inventories: 12.3%
exports of goods and services: 9.9%
imports of goods and services: -36.2%
|Population Below Poverty Line||24.7%|
|Labor Force By Occupation- agriculture||75%|
|Labor Force By Occupation- industry||7%|
|Labor Force By Occupation- services||18%|
|Fiscal Year||16 July - 15 July|
|Annual Budget||$3,000,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-3.1%|
|Taxes and other revenues - percent of GDP||17.1%|
|Major Industries||tourism, carpet, textile; small rice, jute, sugar, and oilseed mills; cigarette; cement and brick production|
|Industrial Growth Rate||1.8%|
|Agriculture Products||rice, corn, wheat, sugarcane, root crops; milk, water buffalo meat|
|Currency Code||Nepalese rupee (NPR)|
|Child Labor - % of children ages 5-14||34%|
|Child Labor - # of children ages 5-14||2,467,549|
|Commercial Bank Prime Lending Rate||9%|