Gandaki Province Projected to Record Highest Economic Growth

The economic growth rate is estimated to be highest in Gandaki Province and lowest in Bagmati, according to a report of the ongoing fiscal year unveiled by the National Statistics Office.

In the report unveiled on Tuesday, the Gandaki Province is estimated to achieve 3.3 percent economic growth in the upcoming fiscal year 2023/24.

Likewise, Bagmati Province is likely to record 1.4 percent economic growth. The economic growth rate predicted for the Lumbini Province is 2.1 percent, 2 percent for the Koshi Province, and 1.9 percent for the Karnali Province.

Similarly, the economic growth rate estimated for the Sudurpaschim Province is 1.8 percent, 1.7 percent for Madhesh Province, and 1.4 percent for Bagmati Province. On average, the economic growth could not go up by more than 1.86 percent.

The Office already unveiled that Nepal's Gross Domestic Product (GDP) would reach Rs 4.69 trillion at general price and Rs 5.38 trillion at consumer price in the upcoming fiscal year.

The Bagmati Province is estimated to contribute 36.8 percent of the total GDP which is Rs 1.98 trillion, becoming the highest contributor while the Karnali Province is predicted to contribute 4.1 percent which is 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 (USD 1,399).

Nepal's gross domestic product per capita for the fiscal year 2022/23 was USD 1,399, and the gross national production per capita was USD 1,410, according to the national report of the National Accounts of Nepal.

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

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

Nepal's share of goods and service exports is 7.15 percent equivalent to GDP ratio. This year, over Rs 385 billion worth of goods and services is expected to export. The import of goods and services is 36.5 percent 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 31.66 percent equivalent to GDP ratio. The remittance ratio in GDP is estimated to be 22.89 percent equivalent. Agriculture is estimated to contribute a large portion of GDP in the current FY. Last year, agriculture contributed 24.67 percent of its share of GDP. However, the figure is projected to drop to 24.12 percent this year.