The country’s gross domestic product (GDP) saw a growth of over Nu 23bn in 2022 compared to the previous year. According to a news release from the National Statistics Bureau, GDP rose from a little over Nu 200bn in 2021 to almost Nu 230bn, last year. The actual GDP growth rate of 5.21 per cent is higher than the finance ministry’s projection of 4.8 per cent for 2022.
Amongst the major economic sectors, the service sector recorded the highest growth of 6.62 per cent followed by the manufacturing sector at 5.60 per cent.
The resumption of tourism in September of last year is largely attributed to growth in the service sector. However, the primary sector saw its growth rate decline to negative 1.15 per cent.
As for the share of the economy, the NSB news release states that the service sector accounts for over 50 per cent followed by the manufacturing sector at over 30 per cent.
Meanwhile, the primary sector, which includes agriculture, only contributes about 15 per cent to the overall share of the economy.
The news release also states that exports of goods and services declined substantially by -8.10 per cent. On the other hand, imports of goods and services increased by over 17 per cent, last year.
The National Statistics Bureau also estimates the GDP per capita income for 2022 to have increased by over Nu 30,000 to a little over Nu 300,000.
GDP per capita income is calculated by dividing a country’s GDP by its total population.
Sherub Dorji
