GDP growth hits 7.86pc, exceeding expectations

FE Online Report | Published: September 18, 2018 16:40:25 | Updated: September 21, 2018 11:02:26

Bangladesh economy has attained a stirring 7.86 per cent growth in the last fiscal year 2017-18 (FY18), driven by the expansion of industrial and agricultural sectors, government data showed Tuesday.

The final Gross Domestic Product (GDP) growth is 0.21 percentage point higher than the provisional estimation of 7.65 per cent, which was projected in May of the last fiscal.

Planning Minister AHM Mustafa Kamal unveiled the final GDP growth data on Tuesday while briefing journalists after the meeting of the Executive Committee of the National Economic Council (ECNEC), held at the Planning Commission in the city.

Country’s GDP growth at constant price broke all its previous records, as the rate has been on a steep rise even after entering the ‘7.0 per cent growth club’ two years ago in the fiscal year 2015-16 (FY16), officials said.

In FY 2016, Bangladesh’s economy accelerated 7.11 per cent, breaking free of ‘6.0 per cent growth trap’ after nine long years.

According to Bangladesh Bureau of Statistics (BBS) provisional data, country’s total GDP size at current price rose to Tk 22.50 trillion (US$274.11 billion) in FY18.

In FY17, the size of country’s total GDP was Tk 19.76 trillion ($249.72 billion). 

The Gross National Income (GNI) also increased to Tk 23.53 trillion ($286.612 billion) in FY18 from Tk 20.60 trillion ($260.45 billion) in the previous fiscal. 

GNI of a country is measured by incorporating its total remittance inflow with the total GDP in a certain fiscal year.

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