BANGLADESH ECONOMY IN BRIEF
Bangladesh has undergone rapid structural transformation from agriculture base towards manufacturing and services. The contribution of the
agriculture sector to GDP has declined from 50 percent in 1972-73 to around 20 percent in 1999-2000. The agricultural sector is, however, still
the main employment provider.
Bangladesh has recorded impressive economic gains since the 1990s.Growth averaged 5.4% per year over the FY01-05 period, which has been the
highest 5-year average since the country's independence. Growth was underpinned by:
- Resurgence in private investment, which grew at an annual average rate of 10% and increased its share in GDP from 16% in FY01 to 18.5% in FY05.
- The share of public investment fell from 7% to 6% during the same period.
- Growth has been fairly broad-based, although it has benefited from strong exports, mainly in the garment exports.
- Large remittance inflows fueled growth in construction and services sectors.
- In agriculture, growth has been rather anemic, averaging just 2% over the same period.
On the policy side, a good record on growth seems to have benefited from impressive macro stability. Inflation hasn't touched double digits for almost two decades, while public and external debt situation is fairly comfortable.
Saving and investment rates, currently at about 24%, are relatively high compared with other countries at similar income levels. The pace of human development, which is a key contributor to growth and includes progress in health, education and social protection, has surpassed that of most low income countries (LDCs).
Table 2.1 Sectoral GDP growth (at FY96 constant prices:percent) |
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| FY08 | FY09 | FY10R | FY11P | |
| 1. Agriculture | 3.2 | 4.1 | 5.2 | 5.0 |
| a) Agriculture and forestry | 2.9 | 4.1 | 5.6 | 4.8 |
| i) Corps and horticulture | 2.7 | 4.0 | 6.1 | 5.0 |
| ii) Animal farming | 2.4 | 3.5 | 3.4 | 3.5 |
| iii) Forest & Related Services | 5.5 | 5.7 | 5.2 | 5.4 |
| b) Fishing | 4.2 | 4.2 | 4.2 | 5.4 |
| 2. Industry | 6.4 | 6.5 | 6.5 | 8.2 |
| a) Mining & Quarring | 8.9 | 9.8 | 8.8 | 4.9 |
| b) Manucacturing | 7.2 | 6.7 | 6.5 | 6.5 |
| i) large & Medium Scale | 7.3 | 6.6 | 6.0 | 10.4 |
| ii) Small Scale | 7.1 | 6.9 | 7.8 | 7.3 |
| c) Power, gas & water supply | 6.8 | 5.9 | 7.3 | 6.0 |
| d) Construction | 5.7 | 5.7 | 6.0 | 6.4 |
| 3. Services | 6.5 | 6.3 | 6.5 | 6.6 |
| a) Whole sate & retails trade | 6.8 | 6.2 | 5.9 | 6.1 |
| b) Hotel & restaurants | 7.6 | 7.6 | 7.6 | 7.6 |
| c) Transport, storage and communication | 8.6 | 8.0 | 7.7 | 7.9 |
| d) Financial Intermediations | 8.9 | 9.0 | 11.6 | 9.4 |
| i) Monetary Intermediations (banks) | 8.4 | 9.1 | 10.5 | 8.9 |
| ii) Insurance | 10.4 | 8.4 | 14.9 | 11.1 |
| iii) Other Financial Intermediations | 12.5 | 11.1 | 16.1 | 10.8 |
| e) Real estate, renting & bussiness activities | 3.8 | 3.8 | 3.9 | 4.0 |
| f) Public administration & defence | 6.2 | 7.0 | 8.4 | 9.6 |
| g) Education | 7.8 | 8.1 | 9.2 | 9.5 |
| h) Health & Social work | 7.0 | 7.2 | 8.1 | 8.3 |
| i) Community, social & personal services | 4.6 | 4.7 | 4.7 | 4.8 |
| GDP(at FY96 constant market prices) | 6.2 | 5.7 | 6.1 | 6.7 |
| Source: Bangladesh Bureau of Statistics p = Provisional, R = Revised |
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