GDP grows 6.07% in July-September quarter

Bangladesh's economy grew at 6.07 percent in July-September of the current fiscal year, the first time the government has published the quarterly growth figure of gross domestic product (GDP). 

The Bangladesh Bureau of Statistics (BBS), the national statistical agency, released the quarterly GDP data in line with the condition of the International Monetary Fund's $4.7 billion loan programme.

The first quarter's expansion was, in fact, a decline by 2.69 percentage points from the 8.76 percent growth recorded in July-September of 2022-23. It was 5.16 percent in the first quarter of 2021-22.

The agriculture sector witnessed a growth of 0.84 percent in July-September while it was 2.07 percent in the same period of FY23.

The service sector's growth fell to 3.96 percent from 12.87 percent while the industrial sector grew 9.67 percent from 7.17 percent.

"The growth slowdown is the reflection of the country's macroeconomic situation," said Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh.

"The country has been persistently facing the dollar crisis and an elevated inflationary pressure for a long time."

About the agricultural sector's slowdown, the economist said the seasonal factor has contributed to this situation as agricultural production has been hampered severely.

He pointed out lower production of Aman paddy, potatoes, onion and other vegetables.

"As a result, there is a shortage of supply."

When asked about the performance of the industrial sector, Mansur said exports did not increase as expected. Other manufacturing sectors also saw the same situation.

The economy grew 6.03 percent in the last financial year.