Bagmati province likely to contribute highest to national GDP in current fiscal
Kathmandu. Bagmati Province that also incorporates the federal capital of the country is estimated to have above one-third contribution to the gross domestic product (GDP) at the national level in the current fiscal year.
According to a study about the provincial gross domestic products in the fiscal year 2078-79 BS conducted by the Central Bureau of Statistics, the province is expected to contribute 36.9 percent to the nation’s GDP.
The figure was 36.7 percent last fiscal year. As the Bureau projection suggests, the national annual GDP in the current fiscal will be around Rs. 4,852 billion a year while the Bagmati’s is approximately around Rs 1,791 billion.
The Karnali’s contribution to the GDP is projected to be 4.1 percent while the Province consumer price is estimated to be around Rs. 198 billion. Province 1, Lumbini, Madhesh, Gandaki and the Sudur Paschim Province are likely to follow the Bagmati in terms of their contribution to the national GDP in the current fiscal.
The GDP growth rate in the current fiscal will be 5.8 percent at the national level and the Bagmati is projected to record the highest economic growth rate of 6.7 percent while the lowest 4.8 percent has been projected in the Madhesh.
According to the revised estimates, Bagmati had the highest 4.6 percent growth rate and Gandaki had the highest growth rate of 3.7 percent last fiscal year.
As per the industry taxonomy, the proportion of contribution of agriculture sector to the GDP in the last fiscal year and the current fiscal year is highest in all the other provinces except the Bagmati provinces.
The contribution of wholesale and retail trade sector is seen more in Bagmati province. The Department has stated that the contribution of trade sector is found to be more in the Bagmati province due to the growing urbanization, large population and the national-level big trade transactions.
Trade sector which occupies second position at the national level in terms of its contribution to GDP is in the same position in Province 1, Madhes province and Lumbini province. In Bagmati province, the contribution of the real estate transaction and private housing services is in second position.
The contribution of public administration and security sectors is in the second place in Gandaki, Karnali and Sudurpaschim provinces. The contribution of administrative subsidiary services and activities is minimum in the GDP of all provinces except the Bagmati and Madhes provinces.
The estimated data has been made public on the basis of the statistics and information related to the economic sectors up to the nine months of the current fiscal year, the Department stated.
Based on the estimated data, the Department concluded that economic activities are on the way to normalcy in all provinces following the COVID-19 pandemic.
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