Economic growth improves but falls short of target

(Web Desk): The government has failed to meet its GDP growth target for the current fiscal year. According to sources, the National Accounts Committee has approved the provisional GDP growth figures for the ongoing fiscal year.

Sources reveal that GDP growth has been recorded at 2.68%, while the government had set a target of 3% at the beginning of the fiscal year. The shortfall highlights the economic challenges the country continues to face.

The National Accounts Committee has also released provisional economic indicators for the fiscal year, which show a gradual improvement in economic performance.

According to the released data, economic growth during the first quarter (July to September 2024) stood at 1.37%, which increased to 1.53% in the second quarter (October to December 2024). In the third quarter (January to March 2025), the growth rate further rose to 2.40%.

Sources further stated that the provisional overall economic growth rate for fiscal year 2024 stands at 2.68%, showing a significant improvement compared to the negative 0.21% growth in fiscal year 2023. The full-year growth rate for FY2024 was recorded at 2.51%.

According to the National Accounts Committee, by the end of the current fiscal year, the country’s total economy reached $411 billion, while per capita income was recorded at $1,824. These figures reflect some improvement in the country’s economic policies.