Bagmati province likely to contribute highest to national GDP in current fiscal

Kathmandu, May 5 (RSS): Bagmati Province which 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 per cent to the nation’s GDP.    

The figure was 36.7 per cent 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 Bagmati’s is approximately around Rs 1,791 billion.    

The GDP growth rate in the current fiscal will be 5.8 per cent at the national level and the Bagmati is projected to record the highest economic growth rate of 6.7 per cent while the lowest of 4.8 per cent has been projected in the Madhesh. According to the revised estimates, Bagmati had the highest 4.6 per cent growth rate and Gandaki had the highest growth rate of 3.7 per cent last fiscal year.    

As per the industry taxonomy, the proportion of the contribution of the 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 the wholesale and retail trade sector is seen more in Bagmati province.

The Department has stated that the contribution of the 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.    

The trade sector which occupies the 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 the 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.