Government Policy

Country records highest ever 7.11 pc GDP growth

The annual growth rate of GDP (gross domestic product) hit the highest ever record at 7.11 percent in the last 2015-16 financial year (FY16), according to Bangladesh Bureau of Statistics (BBS).

"Prime Minister Sheikh Hasina attributed the phenomenal success to the contribution of the people, particularly the private sector, to the development efforts of the country," Planning Minister AHM Mustafa Kamal said today.

Briefing journalists following an ECNEC meeting at the NEC in the capital city with Prime Minister in the chair, the minister said the growth rate is the highest in the country's history.

He said besides the phenomenal rise in the GDP, the per-capita income surged to $1465, which is also the record high.

According to BBS, the total size of the GDP stood at $1,73,286 crore at the end of FY16 on June 30, 2016.

Kamal said the economy would grow at 7.2 percent in the current 2016-17 financial year (FY17).

The final GDP calculation of BBS is very close to the estimate of the Asian Development Bank (ADB). The ADB in September 28 said that Bangladesh economy grew by 7.1 percent in FY16.

The ADB said increased consumption and public investment contributed to the better performance of economy, taking the GDP growth rate to 7.1 percent.

It also said that Bangladesh would see current account surpluses on better exports noting that the country is now on robust demand for its garment exports.

Source: Bangladesh Sangbad Sangstha (BSS)