Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS

Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24, has been estimated at 3.78 per cent.

Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023), reports UNB.

According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. The GDP growth rate for the second quarter of FY 2023-24 is 3.78 per cent. In the second quarter of FY 2022-23 the growth was 7.08 per cent and in the second quarter of FY 2021-22 the growth was 9.30 per cent.

The agricultural sector in the second quarter was 4.65 per cent, compared to 4.22 per cent in the second quarter of FY 2022-23 and 2.20 per cent in the second quarter of FY 2021-22.

The growth of the industrial sector was 3.24 per cent, which was 10 per cent in the second quarter of FY23 and 14.50 per cent in the second quarter of FY22.

Besides, the services sector grew by 3.06 per cent in the second quarter of FY2023-24, which was 6.62 per cent in the second quarter of FY 2022-23 and 7.25 per cent in the second quarter of FY 2021-22.

The BBS undertakes quarterly GDP estimates as per the decision of the government and subsequently on the advice of the International Monetary Fund (IMF). Like other countries in the world, BBS estimates quarterly GDP by production method.

However, annual GDP is estimated using the production and expenditure method.