GDP growth soars to 8.15pc in FY19

Per-capita income $1,909

Staff Correspondent

11 December, 2019 12:00 AM printer

Growth in the country’s economic output eventually stood at a record 8.15 per cent with $1909 per-capita income in the last fiscal year, official estimate suggests.

The final GDP growth of 2018-19FY was 0.02 percentage points higher than 8.13 per cent provisional growth estimate published in March this year. In FY18, GDP growth was 7.86 per cent.

Though the per-capita income remained unchanged in terms of the US dollar, it increased in terms of taka by Tk 380 to Tk 160,440 as local currency take depreciated against the greenback. In FY18, per-capita income was $1,751.

Planning Minister MA Mannan unveiled the final GDP estimate of Bangladesh Bureau of Statistics (BBS) at a press conference on Tuesday.

As reasons for the change in GDP figures in the final estimate, BBS argued that growth of agriculture, small industry, construction, transport and communications, wholesale and retail business, real estate, education and health sectors increased.

 At the same time, growth has decreased in fishery, mineral resources, large and medium industry, electricity and gas supply, financial and public administration sectors.

With the increase in GDP, the total size of the GDP at current prices in the last fiscal year stood at Tk 25,424,82 crore, up from Tk 22,50,479 crore recorded in FY18.

In the final estimate, agriculture sector output growth rate increased to 3.92 per cent last fiscal year while it was 4.19 per cent in FY18.

Industry sector grew by 12.67 per cent last year which was 12.06 per cent one year ago. The service sector grew by 6.78 per cent in the last fiscal year while it was 6.39 per cent in FY18.

Agriculture’s share in GDP slipped to 13.65 per cent in FY18 from 14.23 per cent a year earlier, while the share of industry sector increased to 35 per cent from 33.66 per cent and that of service sector fell to 51.35 per cent from 52.11 per cent.

The BBS data also showed that in the last fiscal year, the investment ratio to GDP stood at 31.57 per cent which was 31.23 per cent in FY18.

In the last fiscal year, the private investment ratio to GDP increased to 23.54 per cent while the public investment ratio to GDP stood at 8.03 per cent.