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Dhaka Tribune

Per capita income passes $1,300

Update : 14 May 2015, 07:02 PM

In the outgoing FY2014-15, the economy has registered a 10.42% growth in per capita income - rising to $1,314, based on nominal value, from $1,190 - putting the economy in the world’s 58th.

Planning Minister AHM Mustafa Kamal yesterday said the country’s economic growth would stand at 6.51% after the ending of this fiscal year.

The figure is still lower than the government’s revised forecast of 6.8%, but beats other forecasts made by different agencies, including the World Bank and the ADB.

Due to the January-March political unrest, the government brought down its own projection from earlier 7.3%.

Although the state-run Bangladesh Bureau of Statistics (BBS) is yet to make official release of the figure, Mustafa Kamal revealed it to journalists after the National Economic Council meeting in Dhaka.

World Bank cut its growth forecast for Bangladesh to 5.6% from 6.2% and Asian Development Bank 6.1% from 6.4% as the economy was hit by the political turmoil in the third quarter of the fiscal year.

Kamal said, “I estimated that GDP growth will be 7% this fiscal year. But political unrest held back the economic growth particularly in the last six months of the fiscal year.”

The total size of GDP stood at Tk15,13,599 crore, which was Tk13,43,674 crore last fiscal year, he said.  In FY2013-14, the gross domestic product growth was 6.12%, which was also higher than the analysts’ forecasts.

This fiscal year, agriculture sector suffered as it contributed 15.59% to the GDP, down from previous fiscal’s 16.11%, according to planning minister.

Likewise, the industry sector accounted for 27.98%, slightly up from 27.71% and service sector 56.42%, marginally up from 56.18%, he said.  

He said the investment to GDP ratio increased to 28.99% from 28.58% last fiscal. 

Public investment is 6.6% and private investment is 22.39%. 

The purchasing power parity-based per capita income stands at $3,019, Mustafa Kamal said. 

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