Our economy grew by 8.1% last year. That’s not the 9% growth per year promised by DPT. But, given all that happened in those 12 months, from a host of national celebrations to the global financial crisis, 8.1 is really not too bad.
The share of the primary, secondary and tertiary sectors to our GDP are 16%, 45% and 36% respectively. And, during the past year, the primary, or agriculture, sector grew by 1.7%; the secondary, or industry, sector grew by 7.5%; and the tertiary, or service, sector grew by 12.1%.
These figures were given to the National Assembly by the Finance Minister. Let’s see what they could mean for the majority of the people – our farmers. According to the Ministry of Agriculture, 79% of our population depends on agriculture. Yet, they contributed only 16% of our GDP. This means that our farmers are a lot poorer, economically speaking, than the other Bhutanese. But, we all know this, don’t we?
Now the agriculture sector grew by only 1.7% last year. And that’s much lower than last year’s inflation, which averaged about 7%. So, in real terms, our farmers produced less last year than the year before. That is, they became poorer. This, we didn’t know.
The news for the next financial year is not good either. Our government forecasts that the share of the agriculture sector to the GDP will fall even further, from 16% to 14%. Obviously, we need to focus a lot more on the agricultural sector. After all, most of Bhutan depends on it.