Increased crops production makes over 2.38 per cent economic growth possible

The country’s economy is beginning to show signs of recovery courtesy of an improvement in the agriculture sector, reported 24NewsHD TV channel on Sunday.

As per the report released by the National Accounts Committee (NAC) covering nine months of the ongoing financial year (FY), 2024, contrary to estimates, an improvement has been witnessed in the country’s economy due to increased growth in the agriculture sector.  

The report says that while last year the growth rate stood at 0.21 per cent, this year it is expected to cross 2.38 per cent.

The NAC informs that so far during the ongoing FY, 3.94 per cent growth rate has been witnessed in the agriculture sector, while it stands at 3.84 in the industrial sector and 0.83 per cent in the services sector.

It is worth-mentioning here that increased production of crops this year has contributed to an improvement in the growth rate in the agriculture sector, reads the report.

On the other hand, the growth rate in the industrial and services sectors this FY has been below than what was expected due to a reduction in the manufacturing of automobile, electronics and textile products.