GDP growth 6.51 pc, per capita income $1314: Minister

GDP growth 6.51 pc, per capita income $1314: Minister

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Planning Minister AHM Mustafa Kamal on Thursday said the provisional GDP growth in the current fiscal year has reached 6.51 percent although the government was earlier hopeful of achieving 7 percent.
“The GDP growth in the current fiscal year reached 6.51 percent,” he said after a meeting of the National Economic Council (NEC) meeting.
The meeting was held at the NEC conference room with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, the Planning Minister said the GDP growth rate could have reached 7 percent had there been no loss during January-March period due to violent politics, arson attacks and vandalism during the hartal and blockaded enforced by the BNP-led 20-party alliance.Kamal also expressed satisfaction that the per capita income in the current fiscal year (FY15) rose to $ 1314, which was $ 1190 in the previous fiscal year.
He also said considering the per capita income in nominal price, the position of Bangladesh’s economy is 58th in the world. Considering the purchasing power parity, the per capita income of Bangladesh stood at $ 3,190 in the current fiscal year, leaving the country’s economic position at 36th in the world.
Earlier on a couple of occasions, the Planning Minister said the GDP growth rate this time would not be less than 6.5 percent.
He said the overall size of the GDP at the current price for the FY15 stood at Tk 15,13,599 crore which was Tk 13,43,674 crore in the previous year at current price.
According to him, the share of the agriculture sector to the GDP in the current fiscal year stood at 15.59 percent, the industrial sector 27.98 percent and services sector 56.42 percent which was 16.11 percent, 27.71 percent and 56.18 percent respectively in the previous fiscal year.
Mustafa Kamal said the growth of the agriculture sector in the current fiscal year was 3.04 percent, which was 9.60 percent in the industrial sector and 5.83 percent in the services sector last time.
Turning to the attainment of the 6.51 percent GDP growth on provisional basis, he said considering all aspects, the government earlier had thought that the growth in this year would reach 7 percent. “But, achieving 6.51 percent growth rate is not at all a small thing.”
The minister extended his heartfelt thanks to the people of all spheres of life and all stakeholders concerned, including those of the private sector, for helping the country achieve such growth rate.
The Planning Minister said the investment ratio to GDP in the current fiscal year also rose to 28.98 percent which was 28.58 percent in the previous fiscal year with the rising trend in both public and private sector investment.
He also hoped that the overall inflation rate would come down in the coming days.
Bangladesh’s GDP growth was hovering around 6 percent over the last couple of years since the GDP growth at constant price in FY 10 was 5.57 percent that rose to 6.46 percent in FY11 and 6.52 percent in FY12.
The GDP growth rate in Bangladesh in FY13, however, came down to 6.01 percent followed by 6.12 percent in FY14. – UNB

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