Sunday, June 8, 2025
  • Contact Us
  • About BBS
  • Privacy & Policy
ENG
DZO
BBSCL Logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
Radio Live
No Result
View All Result
BBSCL logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
No Result
View All Result
BBSCL logo
Radio LIVE

GDP grows about 5 % to Nu 250bn, driven by service sector in 2023

July 29, 2024
in Economy, Other Stories
Reading Time: 2 mins read
0
0
SHARES
30
VIEWS
Share on FacebookShare on Twitter

The country’s gross domestic product, GDP, recorded a growth of about five per cent, reaching an economy size of about Nu 250bn last year. According to the National Accounts Statistics published by the statistics bureau, the economic expansion was primarily driven by the service sector.

The size of the economy increased by Nu 21.5bn in 2023 from Nu 227.8bn a year earlier.

Among the three main economic sectors, the tertiary or the services sector, which makes up the majority of the economy increased its share of the economy by about two per cent.

On the other hand, the secondary sector, which includes industries, manufacturing, construction, and electricity among others saw a marginal dip in its share of the economy in 2023.

The primary sector consisting of agricultural activities such as growing crops and rearing livestock saw modest growth last year.

According to the National Accounts Statistics, growth in hotels and restaurants, finance and insurance, wholesale and retail, and information and communication sectors contributed to the positive growth in the service sector.

Going by sheer number, the hotel and restaurant sector increased its contribution to the GDP by almost Nu 2bn between 2022 and 2023.

The finance and insurance sector added almost Nu 14bn to the GDP, up from about Nu 12bn in 2022.

Similarly, at almost 12 per cent contribution to the economy, the wholesale and retail trade sector’s value added to the economy last year is estimated at almost Nu 30bn.

Overall, the tertiary sector marked a growth of 8.61 per cent in 2023. The sector also saw a growth of 6.62 per cent in the previous year.

According to the report, the consecutive growth is significant, considering the negative growth experienced in 2020 due to the COVID-19 pandemic.

The service sector’s 55.49 per cent share of the GDP last year, is equivalent to Nu 138bn in gross value.

Meanwhile, the GDP per capita income in 2023 increased to almost USD 4,000 from a little over USD 3,800 in 2022. The GDP per capita of a country is calculated by dividing the total GDP of the country by its population.

Samten Dolkar

Edited by Sherub Dorji

Previous Post

Rinchenzor and Menchu villages enjoy steady water supply after years of shortage

Next Post

Dagapela plot owners worry about water shortages amid new constructions

Next Post
Dagapela plot owners worry about water shortages amid new constructions

Dagapela plot owners worry about water shortages amid new constructions

Trade deficit drops by 21.13 per cent in 2023

Trade deficit drops by 21.13 per cent in 2023

Safety concerns rise as Singyechhu bridge closure forces use of bailey bridge in Chhukha

Safety concerns rise as Singyechhu bridge closure forces use of bailey bridge in Chhukha

Please login to join discussion

RECOMMENDED NEWS

RBP’s own service board

13 years ago
4

2,400 graduates attend NGOP

12 years ago
1
Students of Nganglam CS want common forums to be held at schools

Students of Nganglam CS want common forums to be held at schools

7 years ago
7
Wangdue Phodrang police arrests a man for alleged burglary

Wangdue Phodrang police arrests a man for alleged burglary

1 year ago
8

BROWSE BY CATEGORIES

  • Accidents (14)
  • Agriculture (426)
  • Announcement (174)
  • Audience Survey Report (1)
  • Business (744)
  • Crime/Legal (367)
  • Culture (47)
  • Development (51)
  • Disaster (57)
  • Economy (278)
  • Education (413)
  • Entertainment (13)
  • Environment (61)
  • Feature (65)
  • Featured (6)
  • Festival (78)
  • GMC (14)
  • Headlines (9)
  • Health (622)
  • Legal (52)
  • Literature (9)
  • Livestock (75)
  • Media (25)
  • Other Stories (5,574)
  • Politics (419)
  • RCSC (1)
  • Recent stories (5)
  • Religion (45)
  • Sci/Tech (709)
  • Social (516)
  • Sports (449)
  • Technology (190)
  • Tourism (19)
  • Uncategorized (13,866)
  • Video (136)
  • Video Story (249)
  • Wildlife (42)

BROWSE BY TOPICS

Tender Announcement Vacancy Announcement

POPULAR NEWS

  • BPC’s investigation rules out transformer short circuit as Damchhu forest fire cause

    Viral video of Bhutanese man assaulted by locals and police in Jaigaon sparks safety concerns

    0 shares
    Share 0 Tweet 0
  • Gelephu Mindfulness City opens recruitment drive for Bhutanese professionals

    0 shares
    Share 0 Tweet 0
  • Newspaper accuses DPT candidate of political ploy

    0 shares
    Share 0 Tweet 0
  • A centenarian’s recipe to longevity

    0 shares
    Share 0 Tweet 0
  • 40 companies risk closure over failure to submit financial reports

    0 shares
    Share 0 Tweet 0
BBSCL

Bhutan Broadcasting Service (BBS) is Bhutan’s primary national broadcaster, delivering diverse news and entertainment in multiple languages, fostering cultural understanding and public knowledge.

Follow us on social media:

Recent News

  • Phuentshogling Thromde installs reverse vending machine to promote recycling
  • Fixed deposit interest to be taxed at 10% under proposed Income Tax Bill
  • Yonphula Specialised Rehabilitation School to open next month
  • RMA to roll out seven new measures for loan repayment support
  • National Housing Strategy to be ready by September

News Category

  • Accidents
  • Agriculture
  • Announcement
  • Audience Survey Report
  • Business
  • Crime/Legal
  • Culture
  • Development
  • Disaster
  • Economy
  • Education
  • Entertainment
  • Environment
  • Feature
  • Featured
  • Festival
  • GMC
  • Headlines
  • Health
  • Legal
  • Literature
  • Livestock
  • Media
  • Other Stories
  • Politics
  • RCSC
  • Recent stories
  • Religion
  • Sci/Tech
  • Social
  • Sports
  • Technology
  • Tourism
  • Uncategorized
  • Video
  • Video Story
  • Wildlife
  • Contact Us
  • About BBS
  • Privacy & Policy

© 2024 BBSCL. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule

© 2024 BBSCL. All rights reserved.