KATHMANDU, MAY 17

The economic growth of Bagmati is expected to be the lowest among the seven provinces of the country in the ongoing fiscal 2022-23.

Publishing the province-level accounting report, the National Statistics Office has projected the economic growth rate of Bagmati at 1.04 per cent, which is the lowest among all the provinces.

Meanwhile, the economic growth rate of Gandaki is expected to be the highest at 3.3 per cent.The bureau has projected the economic growth rate of Lumbini at 2.1 per cent, Koshi at two per cent, Karnali at 1.9 per cent, Sudurpaschim at 1.8 per cent and Madhesh at 1.7 per cent.

The National Statistics Office has estimated that the economic growth rate of Nepal in the current fiscal year will be 1.86 per cent in terms of consumer prices and 2.16 percent in basic prices.

According to the data released by the office a few weeks ago, the country's GDP at consumer prices in the current financial year is estimated at Rs 5,381 billion.

The contribution of Bagmati Province to the total GDP is estimated at 37 per cent (Rs 1,981 billion), while Koshi Province is set to contribute 16 per cent (Rs 849 billion). According to the office, the contribution of Lumbini Province is estimated at 14 per cent (Rs 762 billion), Madhes Province at 13 per cent (Rs 707 billion), Gandaki Province at nine per cent (Rs 482 billion), Sudurpaschim Province at seven per cent (Rs 376 billion), and Karnali Province at four per cent (Rs 221 billion).

The office said that the per capita income (average annual income of a person) of a Nepali has reached Rs 182,683 ($1,399).

Nepal's gross domestic product per capita for the fiscal year 2022- 23 is estimated at $1,399, and the gross national production per capita $1,410, according to the national report of the National Accounts of Nepal.

Province-wise, Bagmati Province has topped per capita income (PCI) at $2,097, and Madhes Province is at the bottom with $875. PCI in Gandaki Province is estimated at $1,492, $1,299 in Koshi, $1,126 in Lumbini, $1,063 in Sudurpaschim and $997 in Karnali.

The country's gross fixed capital performance is projected to reach over Rs 1,356, which is 25.21 per cent of GDP ratio. Similarly, final consumption expenditure is estimated to be 93.59 per cent equivalent to GDP ratio, reaching over Rs 5,036 billion.

Nepal's share of goods and service exports is 7.15 per cent equivalent to GDP ratio. This year, over Rs 385 billion worth of goods and services is expected to be exported.Import of goods and services is projected at 36.5 per cent equivalent to GDP ratio. This year, the country is expected to import goods and services worth more than Rs 1,964 billion.

Also, gross national saving is estimated at 31.66 per cent to GDP.

Remittance ratio in GDP is estimated to be 22.89 per cent . Agriculture is estimated to contribute a large portion to GDP in the current fiscal year. Last year, agriculture contributed 24.67 per cent to GDP.However, the figure is projected to drop to 24.12 per cent this year.

A version of this article appears in the print on May 18, 2023, of The Himalayan Times.