Favourable weather conditions, expansion of the subsidised fertilizer programme powered an increase in land under farming activities helped the agriculture sector bounce back from two years of contraction to a 7pc growth in 2023.
The agriculture sector contracted by 0.3pc in 2021 and 2.3pc in 2022.
According to the 2024 economic survey, the fertiliser subsidy program contributed significantly to a rebound of the agriculture sector, which bounced back from two consecutive years of registering declines.
Manufacturing sector decelerated to 2pc in 2023 compared to a growth of 2.6pc in 2022 on account of a 40pc decline in the manufacture of sugar.
In the energy sector, installed electricity decreased from 3,332MW in 2022 to 3,224MW in 2023 attributed to a decline in generation from hydro and thermal.
The survey indicates that there was high prices and low demand for petroleum products.
The construction sector slowed to 3pc up from 4.1pc in 2022 attributed to a decrease in cement consumption despite increased construction powered by the affordable housing program and roads.
