Economic units grow slower as manufacturing share declines

The Economic Census 2024 report highlights a significant shift in the country's economic structure, most notably a sharp decline in the share of the manufacturing sector over the last decade.

The census data of the BBS reveals several on Tuesday that while the total number of economic units grew by 51.9 per cent to 11.88 million since 2013, this is a sharp deceleration compared to the 110.85 per cent growth recorded between 2001 and 2013.

The share of manufacturing units dropped from 11.54 per cent in 2013 to 8.77 per cent in 2024. This shift away from industrialisation toward a service-oriented economy is atypical for developing nations aiming for advanced status.

The service sector now accounts for an overwhelming 91.23 per cent of all economic units, totalling 10.83 million. Approximately 70.27 per cent of economic units are located in rural areas, reflecting the continued importance of the rural economy, though urban areas have seen a rise in employment share, reaching 43.18 per cent in 2024.

The total number of persons engaged in economic activities reached 30.76 million. However, the female workforce share slightly declined to 6.4 per cent from 7.21 per cent in 2013.