FY19 growth even higher than previous count

Bangladesh economy has grown by 8.15 percent in the fiscal year 2018-19, slightly higher than the preliminary estimation of the Bangladesh Bureau of Statistics (BBS). 

Planning Minister MA Mannan released the final BBS data at a press briefing after a meeting of the Executive Committee of the National Economic Council on Tuesday.

In its preliminary estimation, the BBS said the GDP growth rate would be 8.13 percent.

The government had set a target to achieve 7.8 percent of growth for the last fiscal year and the achievement was 0.35 percentage point higher than the target.

According to the BBS data, the economic output of the country was 7.86 percent in the fiscal year 2017-18 and it increased by 0.29 percentage point within a year.

Per capita income in Bangladesh remains $1,909 after the final calculation, which was the same in the preliminary estimation. In the fiscal year 2017-18, it was $1,751 and increased by 9.02 percent in a year.

After the final calculation, per capita income in terms of domestic currency increased to Tk1,60,440, which was Tk1,60,060 in the preliminary estimation. The BBS officials identified a change in the exchange rate behind the rise.

Investment reached 31.57 percent of gross domestic product (GDP) in the last fiscal year, which was 29.65 percent in the fiscal year 2015-16. It increased by 1.92 percent in three years, thanks to a sharp rise in public investment. 

Public investment reached 8.03 percent of GDP, which was 8.17 percent in the preliminary estimate.

Private investment increased to 23.54 percent of GDP, which was 23.40 percent in the preliminary estimate. Private investment rose by 0.55 percent of GDP for the last fiscal year from 22.99 percent in the fiscal year 2015-16.

Domestic consumption dropped to 75.25 percent of GDP in the fiscal year 2018-19, which was 77.17 percent in the fiscal year 2017-18, according to the BBS data.

A decrease in consumption increased gross domestic savings to 24.75 percent of GDP which was 22.83 percent in the fiscal year 2017-18.

Gross national savings also jumped to 29.50 percent of GDP from 27.42 percent in 2017-18.

According to the BBS report, 14.20 percent growth in the manufacturing sub-sector helped the industry sector see 12.67 percent growth in the last fiscal year.

The share of the industry sector reached 35 percent of GDP on the basis of constant price in the last fiscal, which was 33.66 percent in the fiscal year 2017-2018.

The service sector achieved 6.78 percent growth in the last year and the agricultural sector saw 3.92 percent growth.

The size of the economy reached Tk2,542,482.6 crore in the last fiscal year based on the current price and achieved 12.98 percent growth from Tk2250479.3 crore of the fiscal year 2017-18.