KATHMANDU: The economic growth rate of Sudurpashchim province was recorded at 3.28 percent for the fiscal year 2082/83.
According to a study by Nepal Rastra Bank, the province’s gross domestic product (GDP) is estimated to reach Rs 463.89 billion, contributing 7.03 percent to the national economy.
The per capita income in the province has reached 1,170 USD, which remains lower than the national average of 1,513 USD. The service sector accounts for 52.66 percent of the provincial economy, followed by agriculture at 33.65 percent and industry at 13.69 percent. Despite a slight increase in total agricultural output, bank lending to the sector declined by 2.13 percent to Rs 15.62 billion.
The number of bank branches in the province reached 844. Total deposits increased by 18.56 percent to Rs 206.09 billion, while credit flow rose by 3.82 percent to Rs 163.41 billion. Industrial credit reached Rs 27.71 billion, with 78.87 percent of this funding concentrated in Kailali district.
In infrastructure, the Rani Jamara Kulariya irrigation project has achieved 75.5 percent physical progress, while the Mahakali irrigation project stands at 30 percent. Construction of the four-lane bridge over the Mahakali River is 95 percent complete.
The province faces significant employment challenges. In the 2082/83 fiscal year, 62,736 individuals obtained labor permits for foreign employment, a 53.79 percent increase compared to the previous year. The unemployment rate in the province has reached 11.5 percent. Furthermore, the provincial government’s budget execution remains low, with only 61.94 percent of the total allocated budget spent. Capital expenditure was particularly constrained, reaching only 58.40 percent of the allocation.
