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Bangladesh GDP growth in second quarter shrinks to 3.78%: BBS

Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24 slowed to 3.78 percent. The Bangladesh Bureau of Statistics (BBS) on Monday revealed that Bangladesh’s GDP growth nearly halved in the second quarter compared to the previous quarter of this fiscal year. 

The country’s latest available macroeconomic data showed the substantial fall in industrial-output to 3.24 percent in the second quarter of this fiscal which was 10 percent in the second quarter of FY 2022-23.

Besides, the services sector grew by 3.06 percent in the second quarter of FY 2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22.

However, the agriculture sector gave a better output to Bangladesh’s economy in the period under review. The farm sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23. 

Economists are of the view that the forex crunch mainly affected the GDP in the Q2 when both import and export slowed down and the inflationary pressure from the supply side affected consumption in the country.

Meanwhile, the World Bank in its latest Bangladesh Development Update has said Bangladesh’s GDP will grow at 5.6 per cent and Asian Development Bank (ADB) has projected the growth of Bangladesh for the current FY2024 at 6.1 per cent.

 
By Navalsang Parmar
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Last Updated: 24th May 2024