The Gandaki province has been projected to grow at 4.55 percent—the highest growth rate among all provinces—in the current fiscal year ending mid-July, according to the National Statistics Office.

The office, formerly the Central Bureau of Statistics, said in its national accounts estimates of all seven provinces released on Wednesday that most of the province's growth rate has been driven by accommodation and food services due to an increase in the number of foreign tourists.

Followed by Gandaki, Lumbini province has been expected to achieve a growth of 4.05 percent this fiscal year.

Bagmati province, which includes the Kathmandu Valley and remains the main economic hub of Nepal, is projected to witness a growth rate of 3.96 percent this fiscal year. The Bagmati province's share of the national GDP is estimated to be at 36.36 percent.

According to the National Statistics Office, Nepal is expected to grow by 3.87 percent this fiscal year in the optimistic scenario with projected recovery of trade and robust tourism growth.

Computed on the basis of this growth rate, Nepal’s gross domestic product (GDP) at the purchaser's price is estimated to reach Rs5.70 trillion at the end of the fiscal year in mid-July.

The office’s growth estimate is slightly higher than the Asian Development Bank’s projection of 3.6 percent. The World Bank, on the other hand, has forecast a growth rate of 3.3 percent. The government’s initial target was to achieve a robust 6 percent growth.

Of the total national output, Bagmati province is estimated to have the lion’s share of Rs2.07 trillion, or 36.36 percent.

The Karnali province is the lowest contributor with its output accounting for Rs244 billion, or 4.28 percent of the total GDP.

Koshi province

This province is expected to grow at 3.51 percent to Rs903 billion in the current fiscal year, ending mid-July 2024, the statistics office said. It had grown by 2.13 percent to Rs849 billion in the last fiscal year. The contribution of Koshi province to the national GDP is expected to be 15.84 percent this fiscal year. The agriculture, forest and fisheries sector's contribution to Koshi province's GDP is estimated at 32.8 percent, the largest contributor among all economic activities. The highest growth rate by economic activities has been observed in the accommodation and food service sector at 22.32 percent. However, the manufacturing sector has been projected to grow by a negative 2.67 percent in the current fiscal year.

Madhesh province

In the current fiscal year, Madhesh province is estimated to grow at a rate of 3.78 percent to Rs748 billion. In the last fiscal year, the statistics office estimated Madhesh province to grow by 1.50 percent to Rs703 billion. The contribution of Madhesh province to the national GDP is estimated to be 13.12 percent. The agriculture sector is the highest contributor to Madhesh province’s GDP, contributing 35.19 percent of its total economy. The mining and quarrying sector has the lowest contribution at 0.15 percent. The annual value added growth rate by electricity and gas—the economic activities—has been estimated at 15.69 percent, the highest among 18 industrial classification. The lowest growth rate has been observed in wholesale and retail trade activities which has grown by a negative 3.36 percent.

Bagmati province

The Bagmati province is expected to grow at the rate of 3.96 percent to Rs2.07 trillion in the current fiscal year. The province is projected to have grown by 1.77 percent to Rs1.93 trillion in the last fiscal year. The Bagmati province's share in the national GDP is estimated to be at 36.36 percent this fiscal year. The accommodation and food service sector has the highest contribution, at 20.93 percent, to Bagmati province's economic activities. The construction sector has been projected to be the lowest contributor to Bagmati’s economic activities with a negative growth rate of 2.71 percent.

Gandaki province

In the current fiscal year, Gandaki province's economy is estimated to grow by 4.55 percent to Rs517 billion. In the last fiscal year, Gandaki province has been projected to grow by 3.30 percent to Rs484 billion. This fiscal year, Gandaki province's contribution to the national GDP is estimated to be at 9.06 percent. Agriculture is the largest sector contributor to Gandaki province's GDP at 25.72 percent, while the lowest contributor is administrative and support service activities at 0.31 percent. In Gandaki, the highest value added growth rate has been observed in accommodation and food services growing by 22.84 percent. The construction sector, however, has been projected to see a negative growth rate at 1.96 percent this fiscal year.

Lumbini province

In the current fiscal year, Lumbini province is estimated to grow at 4.05 percent to Rs814 billion. In the last fiscal year, Lumbini province is estimated to have grown by 1.99 percent to Rs764 billion. Lumbini is estimated to contribute 14.26 percent to the national GDP this fiscal year. In Lumbini, the agriculture sector has the highest contribution to its GDP at 29.63 percent, while the lowest contributor is administrative and support service activities at 0.34 percent. The highest value added growth rate in Lumbini is the electricity and gas growing by 28.93 percent while the manufacturing sector is estimated to shrink by a negative growth rate of 1.43 percent in the current fiscal year.

Karnali province

Karnali province is expected to grow at 3.39 percent to Rs244 billion in the current fiscal year. In the last fiscal year, the province has been estimated to have grown at 1.96 percent to Rs229 billion. Karnali province is estimated to contribute 4.28 percent to the national GDP in the current fiscal year. In Karnali, the agriculture sector is the largest contributor, with a 29.51 percent contribution, to its GDP. The construction sector has been estimated to see a negative growth rate of 1.02 percent while the highest growth rate of 22.52 percent has been estimated to be observed in the accommodation and food services sectors.

Sudurpaschim province

In the current fiscal year, the Sudurpaschim province is expected to grow at the rate of 3.41 percent to Rs404 billion. In the last fiscal year, the statistics office said that the province has been estimated to have grown by 1.52 percent to Rs381 billion. Sudurpashchim's contribution to the national GDP is estimated to be at 7.09 percent in the current fiscal year. The agriculture sector is the largest contributor to the province’s GDP, with 33 percent.