Govt revises GDP growth upwards to 7.28pc

Staff Correspondent | Published: 22:31, Nov 14,2017 | Updated: 22:34, Nov 14,2017

 
 

Bangladesh’s economy finally grew at 7.28 per cent, the highest growth rate in the history of the country, up by 0.04 percentage points than the provisional projection, in the last fiscal year 2016-2017, according to the final calculation of the Bangladesh Bureau of Statistics.
In May, the BBS projected that gross domestic product (GDP) of the country grew by 7.24 per in the fiscal year against the target of growth rate at 7.2 per cent for the year.
Per capita income of the country has also increased to $1,610 or Tk 1,28,800 (considering each dollar conversion rate at Tk 80) in the FY 2017 from the previous estimate at $ 1,602.
Planning minister AHM Mustafa Kamal on Tuesday revealed the data at a press briefing after the ECNEC meeting held at NEC conference room at Agargaon in Dhaka.
Kamal said that the size of the GDP stood at $ 250 billion in the year.
BBS report on GDP was also placed before the ECNEC meeting with prime minister Sheikh Hasina in the chair.
He said that it took almost 34 years after independence to cross the GDP size of $ 100 billion and later the size of the GDP has increased with a good pace.
Only three countries—Bangladesh, Ethiopia and Cambodia—in the world achieved GDP growth at more than 7 per cent in two consecutive years, he said.
He also said that for the first time in the history of the country investment-GDP ratio exceeded 30 per cent.
Investment-GDP ratio increased to 30.50 per cent in the FY 2017 from that of 29.63 per cent in the previous fiscal year, he added.
Kamal said that agriculture, industry and services sectors grew by 2.97 per cent, 10.22 per cent and 6.69 per cent respectively.
He said that the full statistics would be disclosed on Thursday.
Bangladesh’s economy, for the first time, grew over 7 per cent in FY 2014-2015 after being jammed at 6 per cent figure for around a decade.
In that year, GDP growth rate was 7.11 per cent and per capita income was $ 1,465.

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