Bangladesh’s per capita income reaches $2,824

Bangladesh’s per capita income will rise by 9 per cent year-on-year to $2,824 in FY22, while the country’s gross domestic product (GDP) will grow by 7.25 per cent, according to the provisional data of Bangladesh Bureau of Statistics (BBS).

The country’s per capita income was $2,591 and the GDP growth was 6.94 per cent in FY21, Planning Minister MA Mannan told reporters after a meeting of the Executive Committee of the National Economic Council (ECNEC) on Tuesday.

“The provisional GDP growth rate was calculated using key indicators from the nine months up to March this year,” he said, adding that the per capita income in the local currency is Tk 241,470 in FY22, going up from Tk 219,738 recorded in the last FY.

The GDP and per capita income in FY22 have been estimated using the base year FY16, according to the BBS.

State Minister for Planning Prof Shamsul Alam said, “The GDP growth and per capita income has been projected following different indicators of the country’s financial indices. The actual income of people has increased in the country following impacts of the Covid-19.

“The figure regarding our per capita income is correct. That is why the country witnessed more sales at markets across the country during the Eid season. Everyone in villages has a mobile handset.”

According to the BBS provisional estimate, the agriculture sector is estimated to grow by 2.2 per cent, industry sector by 12.31 per cent and service sector by 8.72 per cent.

Mannan further said as per the projection, the total size of the GDP at current prices in the ongoing FY stands at $465 billion (Tk 39,765 billion) and the investment-to-GDP ratio is 31.68 per cent in FY22.

Meanwhile, the total GDP for FY21 was calculated at $416 billion, and the per capita income was $2,591.

The GDP growth was down to 30-year-low at 3.45 per cent in FY20 due to the Covid fallout, while the per capita income that year was $2,326, according to BBS data.

In FY19, Bangladesh’s per capita income was $2,209, while the GDP growth was 7.88 per cent.

Meanwhile, in the FY18, the per capita income was $2,043, while the GDP growth rate was 7.32 per cent. The country’s per capita income was $1,879, while the GDP growth was 6.59 per cent in FY17.

State Minister for Planning Prof Shamsul Alam said, “Our exports have increased along with our export income. Our remittance has increased as well. So, the size of our economy has grown.

“Individual investment in the country has increased, while our revenue collection has also gone up.
That is why our GDP has increased, which in turn helped the per capita income to rise.”