GDP growth 6.12pc

The gross domestic product (GDP) growth in the current fiscal year is 6.12 percent, the planning minister said today.

The rate of per capita income during the same period stood US$1,180, minister AHM Mustafa Kamal told reporters emerging from a meeting of the Executive Committee of the National Economic Council (Ecnec).

According to a draft estimated by the Bangladesh Bureau of Statistics (BBS), the growth is likely to cross the 6 percent-mark during this fiscal year despite the political turmoil in the first half.

If the new base year of 2005-06 is considered, the GDP growth for fiscal 2013-14 is likely to be around 6.2 percent, down from the estimate of 6.5 percent, a planning ministry official earlier said.

Using the same base year, the World Bank computed the GDP growth to be 5.4 percent and Bangladesh Bank 5.7 percent to 6.1 percent.

BBS officials earlier said this year the GDP growth rate will be published using the new base year of 2005-06 to reflect the changes the economy has underwent over the years.

Six additional sectors have been added to the economy in the new base year to take the total number of sectors to 21.

As new activities were included the GDP size is bound to increase, the BBS officials added.

However, the state-run statistical agency's provisional estimate using the new base year for last fiscal year turned out to be off the mark: it expected the GDP to grow by 6.18 percent but in reality it registered growth of 5.98 percent.

Meanwhile, the development update released by the WB last month said the political turmoil, stagnating private investment and declining remittance will burden the economy this year.

Remittance declined 4.78 percent year-on-year in the first ten months of the fiscal year, while the country lost a total $1.4 billion due to political turmoil, according to WB