May 6: Bagmati Province is expected to contribute more than one-third of the gross domestic product (GDP) at the national level in the current fiscal year.
According to a study conducted by the Central Bureau of Statistics (CBS) regarding the contribution of the provinces to the GDP in the current fiscal year (FY 2021/22), Bagmati Province is expected to contribute 36.9 percent to the nation’s GDP.
The figure was 36.7 percent during the last fiscal year. As the CBS projection suggests, the national annual GDP in the current fiscal will be around Rs 4,852 billion while that of Bagmati Province is expected to be around Rs 1,791 billion.
Contribution of Karnali Province to the GDP is projected to be the least among all seven provinces. The CBS data shows that Province 1 will contribute 15.7 percent to the GDP followed by Lumbini Province (14.1 percent), Madhes Province (13.2 percent), Gandaki Province (8.9 percent), Sudur Paschim Province (7.0 percent) and Karnali Province (4.1 percent).
According to the study, the country's economic growth rate in the current fiscal will be 5.8 percent at the national level. The CBS report says Bagmati Province is projected to record the highest economic growth rate of 6.7 percent while the lowest of 4.8 percent has been projected in the Madhes Province.
Speaking at a press conference organized to unveil the report on Thursday, CBS Director Ganesh Prasad Acharya said that the maximum contribution to the GDP will come from service sector while the industrial sector will contribute the least.
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 provinces except Bagmati Province. The contribution of wholesale and retail trade sector is found to be more in Bagmati Province. The CBS has stated that the contribution of trade sector is found to be more in Bagmati Province due to the growing urbanization, large population and the national-level trade transactions.
Trade sector occupies second position at the national level in terms of its contribution to the GDP.
The growth projection and other data have been made public on the basis of the information collected up to nine months of the current fiscal year, the CBS stated. Based on the estimated data, the CBS concluded that economic activities are on the way to normalcy in all provinces following a decline in COVID-19 infections.