Economic Survey
Total Page：16
File Type：pdf, Size：1020Kb
ECONOMIC SURVEY FISCAL YEAR 2002/03 HIS MAJESTY'S GOVERNMENT MINISTRY OF FINANCE JULY 2003 Unofficial Translation ECONOMIC SURVEY FISCAL YEAR 2002/03 HIS MAJESTY'S GOVERNMENT MINISTRY OF FINANCE JULY 2003 Visit our Website: http://www.mof.gov.np CONTENTS PAGE NO. I. INTERNATIONAL AND NATIONAL ECONOMIC PERFORMANCE 1 II. PUBLIC FINANCE 18 III. PRICE AND SUPPLY SITUATION 36 IV. MONEY, BANKING AND CREDIT 46 V. MONEY AND CAPITAL MARKET 74 VI. FOREIGN TRADE AND BALANCE OF 84 PAYMENTS VII. POVERTY ALLEVIATION AND EMPLOYMENT 93 VIII. AGRICULTURE 103 IX. INDUSTRY, TOURISM AND PUBLIC ENTERPRISES 115 X. ENERGY, FORESTRY AND ENVIRONMENT 132 XI. TRANSPORT AND COMMUNICATION 146 XII. SOCIAL SERVICES 158 APPENDIX - ECONOMIC REFORMS PROGRAMME 181 2059/60 (2002/03) LIST OF TEXT TABLES PAGE NO. Table 1 (a): Global Economic Growth Rate (in percent) 1 Table 1 (b): World Trade (Annual Percentage Change) 2 Table 1 (c): Global Price Situation (Annual Percentage Change) 3 Table 1 (d): Main Indicators of Economic Activities 8 Table 2 (a): Ratio of Government Expenditure and Revenue to GDP 18 Table 2 (b): Development Expenditure and Sources of Financing 19 Table 2 (c): Primary and Fiscal Deficits 34 Table 3 (a): Urban Consumer Price Index (Percentage Change) 39 Table 3 (b): National Wholesale Price Index (Percentage Change) 42 Table 4 (a): Activities of the Grameen Bikas Banks 69 Table 5 (a): Trends of the Primary Market 74 Table 5 (b): Trends of the Secondary Market 75 Table 7 (a): Targets and Achievements Made during Ninth Plan in Relation to Poverty and Human Development Indicators 93 Table 7 (b): Number of Persons Who Received Skills and 100 Professional Development Courses Table 7 (c): Persons Leaving Country for Foreign Employment 101 Table 8 (a): Agriculture Productivity (KG per hectare) 108 Table 9 (a): Details of Privatized Enterprises 128 Table 11 (a): Road Facilities of Nepal 146 Table 11 (b): Number of Vehicles 148 Table 11 (c): Extension of Telephone (Exchange) Services 153 Table 12 (a): Schools, Students and Teachers Ratios 161 Table 12 (b): Students/Teacher Ratio, 2002/03 (Estimate) 163 Table 12 (c): Total Number of Affiliated Schools by the Academic Year 2002/03 164 Table 12 (d): Number of Students and Affiliated Higher Secondary Schools since the Academic Year 1997/98 164 Table 12 (e): Higher Secondary Schools Affiliated till 2002/03 Academic Year by Geographic Regions 167 Table 12 (f): Products of the TU Institutes of Technical Education 169 Table 12 (g): Number of Doctorates 170 LIST OF BOXES PAGE NO. Box 2 (1) : Foreign Aid Policy 25 Box 2 (2) : Major Policy Instruments of Foreign Policy 28 Box 2 (3) : Graduation of Nepal's Status in World Bank's Funding Program 31 Box 4 (1) : Monetary Policy and Programme for FY 2002/03 46 Box 4 (2) : Revised Compulsory Cash Reserve Ration (in percent) 49 Box 4 (3) : Credit Flow to Priority Sector 49 Box 4 (4) : Policy Guidelines on the Establishment of Commercial Banks 50 Box 4 (5) : Policy Guidelines on Establishment of Development Banks 53 Box 4 (6) : Regulatory Directives to Development Banks 55 Box 4 (7) : Regulatory Provisions for Micro-finance Development Banks 57 Box 4 (8) : Policy Guidelines on the Establishment of Finance Companies 58 Box 4 (9) : Regulatory Provisions for Co-operative Institutions 59 Box 5 (1) : Development of the Creditable securities Business 78 Box 7 (1) : Millennium Development Goals and Nepal's Status 94 Box 9 (1) : Activities in the Mountain Tourism Sector 122 Box 9 (2) : Destination Nepal Campaign 2002-2003 124 Box 9 (3) : International Year of Everest Golden Jubilee Celebration 2002-2003 125 Box 10 (1) : The World Bank's Assistance in Power Development 134 Box 12 (1) : Development of the Education Sector 160 Box 12 (2) : Guarantee of Basic Health Service 171 Box 12 (3) : Expansion of Drinking Water 176 LIST OF CHARTS PAGE NO. Chart 1 (a): Gross Domestic Product (at Constant Price) 6 Chart 1 (b): Gross Domestic Product (at Current Price) 13 Chart 1 (c): Investment, Capital Formation and Savings 15 Chart 2 (a): Government Revenue, Expenditure and Deficit 21 Chart 2 (b): Total Development Expenditure, Social Services and Education 23 Chart 2 (c): Budgetary Deficit, Foreign and Internal Loan 27 Chart 2 (d): Foreign Aid Commitment and Disbursement 30 Chart 2 (e): Ownership Patterns of Government Bonds and 32 Treasury Bills Chart 3 (a): National Urban Consumer Price Index 40 Chart 4 (a): Determinants of Money Supply 61 Chart 4 (b): Growth in Money Supply 63 Chart 4 (c): Loan and Investment and Deposit with Commercial Banks 66 Chart 4 (d): Loan - Nepal Industrial Development Corporation 68 Chart 4 (e): Loan - Agriculture Development Bank 70 Chart 5 (a): Paid-up Value and Turnover 76 Chart 5 (b): NEPSE Index 76 Chart 5 (c): Issue Approved 77 Chart 5 (d): Market Capitalization 77 Chart 6 (a): Foreign Trade 87 Chart 6 (b): Foreign Exchange Holdings of the Banking System 90 Chart 8 (a): Foodgrain Production Index 105 Chart 8 (b): Cash Crops Production Index 107 Chart 9 (a): Industrial Production Index 117 Chart 10 (a): Electricity Generation and Consumption 133 Chart 11 (a): Extension of Road Facilities 147 Chart 11 (b): Expansion of Telephone Facilities 154 Chart 12 (a): Number of Public Schools 162 Chart 12 (b): Regional Distribution of Schools 165 Chart 12 (c): Number of Students Enrolled 166 Chart 12 (d): Expansion of Health Services 172 Chart 12 (e): Extension of Health Facilities 173 STATISTICAL TABLES LIST OF STATISTICAL TABLES PAGE NO. 1. INTERNATIONAL AND NATIONAL ECONOMIC PERFORMANCE 1.1 Gross Domestic Product 1 1.2 Gross Domestic Product by Industrial Origin (at Current Prices) 2 1.3 Gross Domestic Product at Constant Prices by Source 3 1.4 National Accounts: Summary 4 2. PUBLIC FINANCE 2.1 Government Expenditure & Sources of Finance 5 2.2 Tax Revenue 6 2.3 Non-Tax Revenue 7 2.4 Regular Expenditure 8 2.5 Development Expenditure 10 2.6 Foreign Aid Commitment by Major Sources 11 2.7 Foreign Aid Commitment by Sectors 12 2.8 Foreign Aid Disbursement by Major Sources 13 2.9 Foreign Aid Disbursement by Sectors 14 2.10 Foreign Loan & Debt Servicing 16 2.11 Ownership Pattern of Government Bonds & Treasury Bills 17 3. PRICE AND SUPPLY SITUATION 3.1 Overall Urban Consumers' Price Index by Months 18 3.2 National Urban Consumer's Price Index 19 3.3 Consumer's Price Index by Commodities Group 20 3.4 National Wholesale Price Index 24 3.5 Average Retail Price of Some Major Commodities 25 3.6 Monthly National Average Retail Price of Some Agricultural Commodities 26 3.7 Price Situation of Some Petroleum Products 27 3.8 Supply Position of Some Petroleum Products 28 4. MONEY, BANKING AND CREDIT 4.1 Monetary Survey 29 4.2 Determinants of Money Supply 30 4.3 Sources of Funds and Their Use by Commercial Banks 31 4.4 Loan Disbursement by Commercial Banks 32 4.5 Distribution of Loans by Some Financial Institutions 33 6. FOREIGN TRADE, BALANCE OF PAYMENT AND FOREIGN CURRENCY RESERVES 6.1 Directions of Foreign Trade 34 6.2 Commodity Trade by SITC Group 35 6.3 Export of Major Commodities to India 36 6.4 Export of Major Commodities to Other Countries 37 6.5 Income and Expenditures of Convertible Foreign Exchange 38 6.6 Gold and Foreign Exchange Holdings of Banking System 39 6.7 Balance of Payments Summary 40 8. AGRICULTURE 8.1 Areas, Production and Yield of Principal Food Crops 41 8.2 Areas, Production and Yield of Principal Cash Crops 42 8.3 Other Crops Production 43 8.4 Livestock Production 44 8.5 Production Index of Agricultural Production 45 8.6 Use of Chemical Fertilizer, Improved Seed and Insecticides 46 8.7 Extension of Additional Irrigation Facilities 47 8.8 Agricultural Credits and Collection 48 8.9 Price of Fertilizer 49 9 INDUSTRY, PUBLIC ENTERPRISES AND TOURISM 9.1 Production of Manufacturing Commodities 50 9.2 Production Index of Manufacturing Industries 52 9.3 Capacity Utilization of Some Selected Industries 54 9.4 Distribution of Industrial Loans by Types of Industry 55 9.5 Number of Cottage and Small Scale Industries Registered 56 9.6 Region-wise Loan Disbursement by Commercial Banks to Cottage and Small Scale Industry Sub- sector under Intensive Banking Program 57 9.7 Capacity Utilization of Some Selected Public Enterprises 58 9.8 Flow of Fund between HMG and Public Enterprises 59 9.9 Performance of Public Enterprises 60 9.10 Status of Industrial Districts 61 9.11 Number of Tourists Arrival and Length of Stay 62 9.12 Number of Tourists by Purpose of Visit 63 9.13 Tourist Arrival by Major Regions 64 9.14 Foreign Exchange Earnings from Tourism 65 9.15 Number of Hotels and Hotel Beds 66 9.16 Mountaineering Expedition Teams 67 9.17 Manpower Trained by Nepal Academy of Tourism & Hotel Management 69 10 ENERGY, FORESTRY AND ENVIRONMENT 10.1 Structure of Energy Consumption 70 10.2 Sources and Uses of Electricity 71 10.3 Consumption of Petroleum Products 72 11. TRANSPORT AND COMMUNICATION 11.1 Extension of Road Facilities 73 11.2 Number of Vehicles Registered 74 11.3 Extension of Transport Facilities and Goods Transported 75 11.4 Extension of Telephone Facilities 76 12. SOCIAL SERVICES 12.1 Number of Primary, Lower Secondary and Secondary Schools and Students 77 12.2 Number of Primary, Lower Secondary and Secondary School Teachers 78 12.3 Sectoral Distribution of Schools, Students and Teachers Under Public and Private Sector 79 12.4 Number of Students Enrolled in Higher Level of Education 80 12.5 Extension of Health Services 81 12.6 Extension of Drinking Water and Sewerage Facilities 82 Some facts about Tables • Some statistics presented in some tables may not tally with those in publications of previous years due to the formers updating and reclassification.