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GDP growth peaks at 7.24% breaking all records

  • Published at 11:10 pm May 14th, 2017
  • Last updated at 12:41 am May 15th, 2017
GDP growth peaks at 7.24% breaking all records
Bangladesh's Gross Domestic Product (GDP) growth has reached 7.24% in the 2016-17 fiscal year – an all-time high in the history of the country. In addition, the per capita income has increased to $1,602, or Tk129,178.10, according to Bangladesh Bureau of Statistics' provisional estimate based on the first nine months of the outgoing fiscal year. Planning Minister AHM Mustafa Kamal revealed the numbers at a press briefing following the National Economic Council (NEC) meeting in Dhaka on Sunday. The GDP size in the outgoing fiscal year is Tk1,956,056 crore, the minister said. In the 2015-16 fiscal year, the GDP growth was 7.11% with the size of Tk1,732,864 crore and per capita income at $1,465, or Tk118,131.04. “This is an outstanding achievement as it has broken all records,” the minister said. “No other country except for India has been able to exceed over 7% growth.” GDP growth in last five years In FY2012-13, the GDP growth in Bangladesh was 6.01%, 6.06% in FY2013-14 and 6.55% in FY2014-15, he added. The per capital income was $1,054 in FY2012-13, $1,184 in FY2013-14 and $1,316 in FY2014-15. “We hope we will be able to reach 7.40% growth in the next fiscal year,” Kamal said. He also said the remittance inflow cannot be accurately estimated a part of the remittance enters the country through services like bKash and Western Union Money Transfer, which are not connected to the central bank. “In 2013, when bKash did not exist, the Bangladesh Bank earned 68% revenue through wired remittance, but now that bKash service is available, the revenue reduced to 51% in 2016. So, we plan to bring these services under the central bank's system.” At the meeting, the government also approved an Annual Development Programme (ADP) of Tk164,084.83 crore for the 2017-2018 fiscal year.