GDP growth in FY22 reaches 7.1%

Per capita income in Bangladesh stood at $2,793 in the 2021-22 fiscal year while the Gross Domestic Product (GDP) growth rate reached 7.10 per cent in the past fiscal year, according to the final data of the Bangladesh Bureau of Statistics (BBS) released on Sunday night.

Both the GDP growth and per capita income declined comparing to the provisional data of BBS, published in May last year. The provisional data had projected the per capita income of the 2021-22 fiscal year at $2,824 while the GDP growth rate at 7.25 per cent.

The country’s per capita income in 2020-21 was $2,591 and GDP growth was 6.94 per cent, the BBS said.

“We have revealed the final GDP growth rate and per capita income of the last fiscal year. Earlier, we had published the provisional data where GDP growth and per capita income was higher than the final data,” a senior official of the BBS told the Business Post.

The per capita income in the local currency stood at Tk 241,047 in 2021-22 and Tk 219,738 in the last fiscal year, according to the final BBS data.

The GDP growth and per capita income have been estimated as per the base year 2015-16, according to the BBS.

As per the final data, the total size of the GDP at current prices in the ongoing fiscal year stood at $460 billion (Tk 39,717 billion).

Meanwhile, the total GDP for FY2020-21 has been calculated at $416 billion. The per capita income was $2,591.

The GDP growth was down to a 30-year-low of 3.45 per cent in the fiscal year 2019-20 due to the Covid fallout while the per capita income was $2,326, said the BBS.

In the 2018-19 fiscal year, the per capita income was $2,209 while the GDP growth was 7.88 per cent.

In the 2017-18 fiscal year, the per capita income was $2,043 while the GDP growth rate was 7.32 per cent.

The per capita income was $1,879 while the GDP growth rate was 6.59 per cent in the 2016-17 fiscal year.

Analysing the sectoral share of GDP at constant prices, it was found that the services sector still continues to enjoy the lion's share with 51.48 per cent followed by the industry sector with 36.92 per cent and the agriculture sector with 11.61 per cent.