Nepal Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

low-income South Asian economy; post-conflict fiscal federalism increasing stability; COVID-19 hurt trade and tourism; widening current account deficits; environmentally fragile economy from earthquakes; growing Chinese relations and investments

Real GDP (purchasing power parity)

$115.093 billion (2021 est.)

$110.404 billion (2020 est.)

$113.083 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.25% (2021 est.)

-2.37% (2020 est.)

6.66% (2019 est.)

Real GDP per capita

$3,800 (2021 est.)

$3,800 (2020 est.)

$3,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$24.88 billion (2017 est.)

Inflation rate (consumer prices)

4.09% (2021 est.)

5.05% (2020 est.)

5.57% (2019 est.)

GDP - composition, by sector of origin

agriculture: 27% (2017 est.)

industry: 13.5% (2017 est.)

services: 59.5% (2017 est.)

GDP - composition, by end use

household consumption: 78% (2017 est.)

government consumption: 11.7% (2017 est.)

investment in fixed capital: 33.8% (2017 est.)

investment in inventories: 8.7% (2017 est.)

exports of goods and services: 9.8% (2017 est.)

imports of goods and services: -42% (2017 est.)

Agricultural products

rice, vegetables, sugar cane, potatoes, maize, wheat, buffalo milk, milk, fruit, mangoes/guavas

Industries

tourism, carpets, textiles; small rice, jute, sugar, and oilseed mills; cigarettes, cement and brick production

Industrial production growth rate

4.51% (2021 est.)

Labor force

16.884 million (2021 est.)

note: severe lack of skilled labor

Labor force - by occupation

agriculture: 69%

industry: 12%

services: 19% (2015 est.)

Unemployment rate

5.05% (2021 est.)

4.72% (2020 est.)

3.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.5%

male: 10.6%

female: 8.6% (2021 est.)

Population below poverty line

25.2% (2011 est.)

Gini Index coefficient - distribution of family income

32.8 (2010 est.)

Household income or consumption by percentage share

lowest 10%: 3.2%

highest 10%: 29.5% (2011)

Budget

revenues: $7.305 billion (2020 est.)

expenditures: $9.008 billion (2020 est.)

Budget surplus (+) or deficit (-)

-0.1% (of GDP) (2017 est.)

Public debt

39.05% of GDP (2020 est.)

31.78% of GDP (2019 est.)

Taxes and other revenues

15.77% (of GDP) (2020 est.)

Fiscal year

16 July - 15 July

Current account balance

-$5.363 billion (2021 est.)

-$84.137 million (2020 est.)

-$1.754 billion (2019 est.)

Exports

$2.52 billion (2021 est.) note: data are in current year dollars

$1.771 billion (2020 est.) note: data are in current year dollars

$2.726 billion (2019 est.) note: data are in current year dollars

Exports - partners

India 68%, United States 10% (2019)

Exports - commodities

soybean oil, palm oil, clothing and apparel, carpets, nutmeg (2021)

Imports

$16.993 billion (2021 est.) note: data are in current year dollars

$10.694 billion (2020 est.) note: data are in current year dollars

$13.836 billion (2019 est.) note: data are in current year dollars

Imports - partners

India 70%, China 15% (2019)

Imports - commodities

refined petroleum, iron, broadcasting equipment, natural gas, rice (2019)

Reserves of foreign exchange and gold

$9.661 billion (31 December 2021 est.)

$11.468 billion (31 December 2020 est.)

$8.713 billion (31 December 2019 est.)

Debt - external

$5.849 billion (31 December 2017 est.)

$4.321 billion (31 December 2016 est.)

Exchange rates

Nepalese rupees (NPR) per US dollar -

118.134 (2021 est.)

118.345 (2020 est.)

112.609 (2019 est.)

108.93 (2018 est.)

104.512 (2017 est.)

NOTE: The information regarding Nepal on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Nepal 2023 information contained here. All suggestions for corrections of any errors about Nepal 2023 should be addressed to the CIA or the source cited on each page.