May 13 : Bagmati Province will post the lowest economic growth among the seven provinces owing to the ongoing national lockdown against the COVID-19 pandemic. It is because a majority of the country’s trade and commerce activities are concentrated in the province, which is also the federal capital.
The Central Bureau of Statistics (CBS) estimates that the province’s growth rate is likely to plummet to 1.23 percent this fiscal from the last year’s 6.4 percent.
Bagmati’s economic output is expected to reach Rs1.35 trillion, 35.84 percent of the total national GDP of Rs 3.76 trillion.
Similarly, Province 5, Province 2, Province 1, Karnali Province, Gandaki Province and Sudurpashchim Province are expected to see the second, third, fourth, fifth and sixth lowest economic growth respectively as briefly enumerated below:
1 ) Province 5 is likely to see the growth rate plunging to 2.28 percent this fiscal year from 8.12 percent in the last fiscal year. The contribution of Province 5 to the national GDP is likely to stand at Rs 534 billion, or 14.18 percent.
2) The growth rate of Province 2 is expected to drop to 2.28 percent this fiscal year from 8.12 percent in the last fiscal year. The total contribution of Province 2 to the national GDP is Rs519 billion, or 13.62 percent.
3 ) The economic growth rate of Province 1 could well slowdown to 3.41 percent from 7.40 percent in the last fiscal year. The province’s total contribution to the economy amounts to Rs 596 billion, or 15.73 percent of the GDP.
4 ) Karnali Province may post the growth rate of 3.58 percent this fiscal compared to last year’s 8.10 percent. The total output of Karnali Province is expected to stand at Rs 161 billion or 4.27 percent of the national GDP.
5 ) The growth rate of Gandaki Province is estimated to drop from last year’s 6.65 percent to 2.68 percent. The state’s contribution to the country’s economic output is expected to reach Rs 3 35 billion, or 8.90 percent of the total, this fiscal year.
6 ) The economy of Sudurpashchim Province is expected to plummet at a rate of 4.08 percent this fiscal, down from 6.90 percent in the last fiscal year. Its economic output could well amount to Rs 272 billion, or 7.21 percent of the national total.
“Since March 24 when the national lockdown was imposed, all revenue producing activities, ranging from wholesale and retail to tourism and transportation, have come to a screeching halt,” states the CBS adding,” This is severely affecting the prime economic sectors of all the seven provinces across the nation.”
