Bangladesh’s GDP growth plummets in Q4 of FY2023-24

Bangladesh's GDP growth has sharply declined in the fourth quarter (April-June) of the last financial year 2023-24, according to the Bangladesh Bureau of Statistics (BBS).

The growth was 3.91 per cent, which was 6.88 per cent in the last quarter of the fiscal year 2022-23. The BBS released the information on Monday.

As per the data, the growth in the last quarter of the last financial year has been lower compared to the last quarter of the 2022-23 fiscal year.

According to the calculation of the 4th quarter of the financial year 2023-24, the GDP size at current prices is Tk 13,783,612 million (Tk 13,784 billion) while in the 4th quarter of the financial year 2022-23 it was Tk 12,160,736 million (Tk 12,161 billion).

On the point-to-point basis at constant prices, the growth in the 4th quarter of FY2023-24 was 3.91 per cent as against 6.88 per cent in the 4th quarter of FY2022-23.

The growth in the first three quarters of FY 2022-23 was 6.25 per cent, 7.05 per cent and 3.02 per cent respectively which in FY 2023-24 stood at 6.04 per cent, 4.78 per cent and 5.42 per cent respectively.

Agriculture Sector: On a point-to-point basis at constant prices, the agriculture sector grew by 5.27 per cent in the 4th quarter of FY2023-24, as against 6.55 per cent in the 4th quarter of FY2022-23.

In the first three quarters of FY 2022-23, the growth of this sector was 0.22 per cent, 3.83 per cent and 1.92 per cent respectively which stood at 0.35 per cent, 4.08 per cent and 5.16 per cent in FY 2023-24 respectively.

Industrial Sector: On a point-to-point basis at constant prices, the industry sector grew at 3.98 per cent in the 4th quarter of FY2023-24, as against 10.16 per cent in the 4th quarter of FY2022-23.

In the first three quarters of the financial year 2022-23 the growth of this sector was 5.80 per cent, 10.55 per cent and 6.91 per cent respectively which in FY 2023-24 stood at 8.22 per cent, 2.91 per cent and 6.25 per cent respectively.

Services Sector: On a point-to-point basis at constant prices, the service sector grew by 3.67 per cent in the 4th quarter of FY2023-24, compared to 4.82 per cent in the 4th quarter of FY2022-23.

In the first three quarters of the financial year 2022-23 the growth of this sector was 9.43 per cent, 6.37 per cent and 1.45 per cent respectively which in FY 2023-24 stood at 5.07 per cent, 5.78 per cent and 3.81 per cent respectively.