BBS to publish quarterly GDP data

Bangladesh Bureau of Statistics (BBS) will publish Gross Domestic Product (GDP) data every three months, which will help in the country’s overall economic development.

“We have got approval from Prime Minister Sheikh Hasina for publishing trimonthly GDP report. From now on, we will prepare GDP report digitally,” State Minister for Planning Shamsul Alam told a workshop on Quarterly National Accounts organised by BBS in Dhaka on Thursday.

Currently, the GDP growth of a year is published the next, which affects proper planning. Alam called for making sure that the reports were available on time.

“Our neighbouring countries publish GDP data every three months. Quarterly growth data makes it easier to take important steps,” he said, adding that it will play an essential role in understanding, knowing, adopting and taking action on the economy.

Planning Minister MA Mannan said the authorities concerned have already started necessary works after getting the prime minister’s approval. “Quarterly GDP data will help us know about the health of our economy,” he said.

BBS will also provide district and region-based growth data.

BBS data showed that almost 5 per cent of GDP decreased due to the pandemic.

The provisional estimation of the GDP rate of FY20 was 5.24 per cent. Meanwhile, the economic growth rate was 8.15 per cent in FY18-19.

In FY20-21, the initial GDP growth rate recorded was 5.47 per cent, much lower than the target of 8.2 per cent, it said.

Size of GDP stood at Tk 30,11,065 crore in FY20-21, which was Tk 27,39,332 crore in FY20. The GDP saw 9.92 per cent nominal growth in terms of currency. It was 7.74 per cent in FY20.

Alam said the GDP growth rate of 3.51 per cent in FY19-20 was very positive.