June 19, 2024, 5:32 pm

Staff Correspondent

2024-05-21 20:32:00 BdST

Economy to grow 5.82pc in current fiscal year: BBS

The country's economy is projected to grow at 5.82% in the current fiscal year (FY24) ending on 30 June, BBS has projects based on data from the first seven months of the year. 

The forecast by by the Bangladesh Bureau of Statistics (BBS) testifies to the economy's continued resilience against domestic and external shocks. However, lukewarm investment in the economy poses risks in the months ahead. 

The GDP growth forecast by BBS is a slight increase from last fiscal year's 5.78% and aligns closely with the International Monetary Fund's forecast of 5.7% and the World Bank's 5.6% growth. 

Meanwhile, per capita income has risen slightly to $2,784 in the current fiscal year from $2,749 in the previous fiscal year.

In the current budget, the growth rate was initially projected at 7.5%, but was later revised down to 7% in view of the worsening domestic inlfation scenario, interest rate fluctuations and foreign exchange volatalities.

Bangladesh's GDP at current prices stands at $459 billion, up from $452 billion in the previous fiscal year.

Sector-wise growth shows a decrease in agriculture and industry, but a slight rise in the services sector.

The investment-to-GDP ratio remains steady at 30.98%, according to BBS data. In the agriculture sector, there is an estimated growth of 3.21% this fiscal year, down from 3.37% previous fiscal, marking a 0.16% decrease.

The industry sector is estimated to grow by 6.66% this fiscal year, down from 8.37%, with a 1.71% decrease.

The services sector is expected to grow by 5.80% this fiscal year, up from 5.37% previously, reflecting a 0.43% increase.

In the current fiscal year, the investment-to-GDP ratio, domestic savings, and national savings stand at 30.98%, 27.61%, and 31.86%, respectively.

Compared to the previous fiscal year, investment increased by 0.03%, domestic savings by 1.85%, and national savings by 1.91%. Private investment growth in the private sector was estimated at 23.5% this, compared to 24.18% previous year.

Furthermore, the BBS estimated the consumption rate at 74.24% in fiscal year 2023-24. It was 72.39% in the previous fiscal.

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