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Bangladesh hits record 7.86% GDP growth

  • Published at 07:48 pm September 18th, 2018
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Bangladesh achieved its highest ever GDP growth in the 2017-18 fiscal year, hitting 7.86% growth, Bangladesh Bureau of Statistics said at the regular meeting of Ecnec in Dhaka on Tuesday, September 18, 2018 Focus Bangla

Per capita income rises to $1,751, according to Bangladesh Bureau of Statistics

Bangladesh has achieved the highest-ever 7.86% GDP growth in the 2017-18 fiscal year, widely surpassing the estimated growth of 7.65%.

The per capita income has increased to $1,751 in FY2017-18 from $1,610 in the previous fiscal year, according to Bangladesh Bureau of Statistics (BBS).

The final figure of the country’s economic growth was placed at the meeting of the Executive Committee of the National Economic Council (Ecnec) held in the council’s conference room on Tuesday, reported UNB.

Prime Minister Sheikh Hasina, who is also the chairperson of Ecnec, chaired the meeting.

Planning Minister AHM Mustafa Kamal briefed reporters after the meeting.

He said the GDP size increased to Tk22.5 trillion ($274.11 billion) in FY2017-18, rising from Tk19.76 trillion in FY2016-17.

“No major natural disaster hit us this year [the last fiscal year]. We could register this growth for outstanding success in the agriculture sector. Besides, we have good progress in the industrial and power sectors,” he said.

In the 2017-18 fiscal year, the contribution of the agriculture sector to the country’s GDP was 13.82%, while the industry and services sectors contributed 30.17% and 56%, respectively, the planning minister said.

The GDP growth was 7.28% in FY2016-17, 7.11% in FY2015-16, and 6.55% in FY2014-15, according to the BBS.

The planning minister said the investment-to-GDP ratio also increased at 31.23% – 7.97% public investment and 23.26% private sector investment – in FY2017-18, up from 30.51% in FY2016-17.

The national savings against GDP was 27.42% in the last fiscal year, he added.