Sudurpaschim to have highest growth rate

By Our Reporter

The Sudurpaschim State is likely to meet the highest economic growth rate in the current fiscal year 2019/20, according to the latest primary estimates of the Central Bureau of Statistics (CBS).

The far-western State, the smallest state in the country will witness 4.08 per cent growth in the Gross Domestic Product (GDP) – highest among the seven states, against the National economic growth rate  at 2.28 per cent, said CBS.

National economic growth rate is now down tt 2.28 per cent from the government forecast of 8.5 per cent due to coronavirus.

The size of the smallest state’s economy will reach Rs. 272 billion from last year’s Rs. 243 billion which has increased its share to the national economy as well. It will have 7.21 per cent share in the national economy of Rs. 3.76 trillion.

Last year, Sudurpaschim witnessed 6.90 per cent growth rate.

Bagmati will have the lowest growth rate at 1.23 per cent in the current fiscal. The state having the federal capital and the only international airport in the country will have Rs. 1.35 trillion economy this year. Last year, it witnessed 6.40 per cent economic growth with highest contribution from retail trading – 21.93 per cent.

Likewise, growth rate of State 1 is forecasted to be 3.41 per cent and of State 2 will be 2.8 per cent. Gandaki, State 5 and Karnali will see a growth of 2.68 per cent, 2 per cent and 3.56 per cent respectively.

The Rs. 544 billion economy of the State 1 will reach Rs. 596 billion this year.

In the last fiscal, State 2 had the highest growth rate – 8.12 per cent – and Bagmati the lowest – 6.4 per cent.

As per the CBS estimates, State 2 economy will reach Rs. 519 billion this year whereas Gandaki’s  will reach Rs. 335 billion.

Similarly, State 5’s economy is likely to reach Rs. 534 billion and Karnali’s just just Rs. 161 billion.

Likewise, Bagmati State is the largest contributor to the national GDP with 35.84 per cent share.

According to CBS estimates, State 1 will have 15.82 per cent contribution to the national economy and State 5’s share will be 14.18 per cent. Likewise, State 2 will have 13.78 per cent, Gandaki 8.9 per cent, Sudurpaschim 7.21 per cent and Karnali 4.27 per cent.