The country’s year-on-year GDP growth will rise to 8.13 percent in the current fiscal year from 7.86 percent on the back of better macroeconomic situation, suggest provisional data.
At the same time, the per capita income rises to $1,909 in FY’19, which was $1,751 last year, Finance Minister AHM Mustafa Kamal said at a press conference on Tuesday.The total GDP size now stands at Tk 25,36,177 crore which was Tk 22,50,479 crore a year earlier, according to the provisional data of Bangladesh Bureau of Statistics (BBS).
For its provisional estimate, state statistics agency BBS has analyzed eight months data from July to February and made a projection for the next three months.
“We have witnessed better exports, investment and better performance of
manufacturing sector. Most of the key macroeconomic indicators are good this year which has contributed to this growth,” Kamal said.
The finance minister also hoped that the growth will cross double-digit mark within three years after FY’20.
Around six percent growth had been a major concern for the country for many years, but it was only in the Fiscal Year 2015-16 the country crossed the threshold of a 7-percent growth.Meanwhile, the country’s investment to GDP ratio rose to 31.57 percent this fiscal which was 31.13 percent a year ago, said the minister.
The share of public investment now stands at 8.17 percent, while that of private investment 23.40 percent.
About the private investment that is not gaining expected momentum, Kamal said: “The government will do everything possible, including providing incentives, to bring back the private sector’s role as the growth engine.”
The industry sector’s contribution to GDP rose to 17.61 percent with that of manufacturing sector 19.28 percent from 18.23 percent.
The agriculture sector’s share in GDP skewed to 9.13 percent which was 11.02 percent one year ago while the service sector’s contribution witnessed a moderate rise to 12.12 percent from 12.80 percent.
Economic analysts say a double-digit or at least over 8 percent growth is crucial to the country’s attaining a middle-income or affluent country status in line with its Vision 2021 and Vision 2041.
Citing the country’s current economic vibrancy, Kamal, also former Planning Minister, said on several occasions before and after December-30 polls that the GDP growth will be ranging between 8.15 percent and 8.25 percent in FY’19.