Bagmati and Gandaki Provinces Projected to Surpass National Average Economic Growth, Madhesh Province Lags Behind
The National Statistics Office has projected that in the current fiscal year 2079/80, the economic growth rates of Bagmati and Gandaki provinces will exceed the national average. Bagmati Province is expected to contribute the highest share to the country’s total Gross Domestic Product (GDP), accounting for 36.7 percent. The Office also estimated that Bagmati’s per capita income will reach 2,644 US dollars, while Madhesh Province’s will be 934 US dollars. (Kathmandu, June 19)
The provincial economic accounts released by the National Statistics Office on Wednesday indicate that Bagmati and Gandaki Provinces will experience economic growth rates above the national average this fiscal year. Bagmati is anticipated to achieve the highest growth rate of 5.40 percent, followed by Gandaki at 5.01 percent. The preliminary estimate of the national annual GDP growth rate stands at 3.85 percent. Based on these figures, both Bagmati and Gandaki are set to outperform the national average growth. Among other provinces, Madhesh is expected to have the weakest growth rate, as confirmed by Deputy Chief Statistician and spokesperson Dhundhiraj Lamichhane.
The economic growth rate for Madhesh Province is estimated to be only 1.31 percent. Other provinces are projected as follows: Koshi at 3.13 percent, Lumbini at 2.87 percent, Karnali at 2.94 percent, and Sudurpashchim at 3.28 percent. Compared to the previous fiscal year, this year shows improvement in economic growth for Koshi, Bagmati, Gandaki, and Sudurpashchim Provinces. Agriculture contributes the most to all provinces except Bagmati, where wholesale and retail trade activities have the largest share.
Per capita income is projected to be highest in Bagmati Province at 2,644 USD, while Madhesh Province is estimated at only 934 USD. The national average is expected to be 1,513 US dollars. Breakdown by province estimates per capita income at 1,651 USD in Gandaki, 1,410 USD in Koshi, 1,280 USD in Lumbini, 1,170 USD in Sudurpashchim, and 1,180 USD in Karnali.
