Nepal Economy - 2024

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

Unemployment rate

5.05% (2021 est.)
4.72% (2020 est.)
3.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.5% (2021 est.)

male: 10.6%

female: 8.6%

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)

Remittances

22.61% of GDP (2021 est.)
24.25% of GDP (2020 est.)
24.12% of GDP (2019 est.)

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 -

Exchange rates:
118.134 (2021 est.)
118.345 (2020 est.)
112.609 (2019 est.)
108.93 (2018 est.)
104.512 (2017 est.)