Far-Western Region Economy to Reach NPR 464 Billion in FY 2082/83

Kathmandu. According to the preliminary estimate of the provincial Gross Domestic Product for the fiscal year 2082/83 published by the National Statistics Office, the economy of the Far-Western Region is estimated to reach approximately NPR 464 billion.

According to the office, the Far-Western Region is estimated to contribute seven percent to the national Gross Domestic Product in the current fiscal year. In the previous fiscal year 2081/82, the region's contribution was seven decimal one percent.

Provincial accounts estimates have been measured and published at both current and constant prices. The size of the economy is estimated from the Gross Domestic Product at current prices, while economic growth rate is estimated from the Gross Domestic Product at constant prices.

The currently published constant price estimates are based on the prices of fiscal year 2067/068, and in the process of estimating provincial accounts, preliminary estimates of provincial accounts have been prepared using statistical methods by using the available data and information for the first six to eight months of FY 2082/83, expecting the remaining period to remain normal, informed Kamalraj Joshi, Statistics Officer of the office.

According to the provincial accounts estimate published today at a program organized in Dhangadhi, the economic growth rate of the province measured at constant prices is preliminarily estimated to be three decimal 28 percent. This is less than the national average of three decimal 85 percent.

The contribution of agriculture, forest, and fisheries sector to the province's economy is estimated to be the highest at 33 decimal 43 percent. After that, the contribution of education, trade, and other service sectors is significant, the office stated. The service sector is estimated to have a share of 52 decimal seven percent in the overall economic structure, the primary sector 33 decimal six percent, and the secondary sector 13 decimal seven percent.

According to industrial classification, the financial and insurance sector is estimated to have the highest growth rate of seven decimal 98 percent. The growth in this sector is due to the expansion of deposit collection and credit flow in banks and financial institutions, said Govinda Prasad Neupane, Chief of the Statistics Coordination Office, Kailali.

According to him, due to the expansion of transport infrastructure and increased internet access, positive growth has been observed in the transport and storage and information and communication sectors, but the public administration and defense sector is estimated to have a negative growth rate of zero decimal 18 percent. Neupane stated that low government spending is considered the main reason for this.

The province's per capita Gross Domestic Product is estimated to reach 1,170 US dollars, while the national per capita income is estimated to be 1,513 US dollars. According to the statistics, the dependence on agriculture in the province is still high, and the expansion of the industrial and administrative service sector is relatively weak.

Nripbahadur Sunar, Chief Guest and Member of the Provincial Policy and Planning Commission, stated that the statistics will contribute significantly to policy, planning, and budget formulation of the province. He expressed confidence that the details from the National Statistics Office will also be used as a basis for preparing implementable policy foundations during the process of formulating the provincial government's second periodic five-year plan.

Rajendra Kumar Hamal, Secretary of the Ministry of Economic Affairs, stated that the lack of adequate data at the provincial level causes problems in realistic planning, and said that we need to move forward with the idea of formulating policies, plans, and budgets based on data.

Dr. Hemraj Regmi, Secretary of the Ministry of Social Development, expressed his views on the importance of national accounts estimation, its utility, and the support it can provide in preparing policy foundations at the provincial level.