GDP growth of Bagmati Province to slump to 1.23 per cent: CBS
Kathmandu, May 12
The Central Bureau of Statistics (CBS) has projected the gross domestic product (GDP) growth of Bagmati Province — the largest contributor to the national economy — will slump to 1.23 per cent, which will be the lowest among all the provinces, this fiscal year.
The dim projection of Bagmati Province for this fiscal year compares to GDP growth of 6.4 per cent recorded in the fiscal year 2018-19.
Unveiling the province-wise GDP projection for the current fiscal year, the CBS has said that the projections have been made based on the economic activities of the first eight months of the current fiscal year as well as the possible impact of the coronavirus pandemic for the rest of the fiscal.
Among the provinces, Sudurpaschim is expected to record the highest growth of 4.08 per cent this fiscal. However, it will be down from 6.9 per cent in the previous fiscal year.
Karnali’s GDP growth is projected at 3.56 per cent, Province 1 at 3.41 per cent, Gandaki at 2.68 per cent, Province 2 at 2.28 per cent and Province 5 at two per cent.
For comparison, in fiscal 2018-19, Province 2 had recorded highest GDP growth of 8.12 per cent, followed by Karnali at 8.10 per cent, Province 1 at 7.4 per cent, Province 5 at 6.78 per cent and Gandaki at 6.65 per cent.
Bagmati Province is, however, set to retain its crown as the biggest contributor to the country’s total GDP with 35.84 per cent in the current fiscal.
The government has estimated the country’s total GDP to stand at Rs 3.76 trillion in the current fiscal year. The CBS report which was published today has estimated that Bagmati Province will contribute around Rs 1.35 trillion to the total GDP.
Meanwhile, it has been estimated that Karnali Province will have the lowest share in total GDP. As per the report, Karnali Province will contribute Rs 161 billion, or 4.27 per cent of the total GDP.
Likewise, Province 1 will have 15.82 per cent contribution, Province 2 will have 13.78 per cent and Gandaki Province will have 8.90 per cent contribution to the GDP in this fiscal that ends in mid-July.
Similarly, Province 5 will have 14.18 per cent contribution and Sudurpaschim Province has been projected to contribute 7.21 per cent to the total GDP.
A version of this article appears in e-paper on May 12, 2020, of The Himalayan Times.