Government Policy

Major macroeconomic indicators higher in FY16

The country performed much better in fiscal 2015-16 than the previous fiscal year (2014-15) as major macroeconomic indicators like per capita income, foreign currency reserve, import and export, foreign direct investment witnessed higher trend alongside exceeding the target of revenue collection.

This was revealed in the annual report of the Cabinet Division relating to the activities of the various ministries and divisions for FY16 placed before the cabinet meeting today.

Prime Minister Sheikh Hasina presided over the meeting held at Bangladesh Secretariat.

Briefing reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said that the per capita income had risen to $ 1,466 in the FY16, up from $1316 in FY15.

The Cabinet Division report showed that the GDP growth in the last fiscal year rose to 7.05 percent, but the final estimation of the BBS showed that the GDP growth reached 7.11 percent in the last fiscal year.

The rate of poverty has been reduced to 23.50 percent in the last fiscal year while the rate of extreme poverty to 12.10 percent.

The export earnings experienced a 9.77 percent growth in the last fiscal year totaling $ 34,257.18 million due to products diversification, practical-oriented steps of the government, providing stimulus package and above all relentless efforts from the exporters.

The overall revenue collection witnessed a 19.01 percent growth in the FY16 with Tk 1,71,385 crore, some 6,84,537 workers went abroad in the last fiscal year which is 48.19 percent higher than the previous year, the foreign currency reserve also rose to $ 30.17 billion in the last fiscal year which is 20.55 percent higher than the previous fiscal year.

Out of the revised ADP allocation of Tk 93,823 crore in the last fiscal year, the executing agencies could spend around 93 percent of the allocation totaling Tk 86,967 crore which is also Tk 9,131 crore higher than the FY15. Out of the 277 development projects kept for completion, some 245 projects were completed in the last fiscal year.

In FY16, the real production of rice, wheat, maize, potatoes, onion, jute, vegetables, cotton, jute-made goods, salt, fisheries, meat, milk, eggs, fertilizer (urea), gas, coal and tea has been increased compared to FY15.

In the power and the energy sector, both the highest power demand and generation increased by 1,219 MW in the last fiscal year compared to the previous fiscal year while some 31,000 kilometer transmission line and some 198 circuit kilometer transmission line have been built.

As a result, the power generation capacity has been increased by 15.59 percent in the FY16 compared to the previous fiscal year while the loadshedding has been reduced by 32 percent, power distribution and transmission system loss has been reduced to 13.10 percent from 13.55 percent.

Source: Bangladesh Sangbad Sangstha (BSS)