Bangladesh's GDP growth at 5.78% in Q4 FY23

25 Nov '23

1 min read

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Insights

Despite Bangladesh's economy slowing in FY23, growth rose to 5.78 per cent by the end of Q4, official data show.
Growth was more than 9 per cent in Q1 despite inflationary pressures.
However, the GDP expansion slowed to about 7.77 per cent in Q2 before plunging to 2.04 per cent in Q3.
The manufacturing sector saw the highest growth of 13.57 per cent.

Despite Bangladesh's economy slowing in fiscal 2022-23 (FY23), growth increased to 5.78 per cent by the end of the fiscal’s fourth quarter (Q4), according to the Bangladesh Bureau of Statistics (BBS).

The country’s economic growth was more than 9 per cent in Q1 FY23 despite inflationary pressures.

However, the gross domestic product (GDP) expansion slowed to about 7.77 per cent in Q2 before plunging to 2.04 per cent in Q3.

The average growth throughout FY23 was about 6.03 per cent, according to the provisional estimate.

But on a yearly basis, the country saw almost double growth in the April-June quarter of FY23 due to higher industrial output despite shrinkages in the agriculture and service sectors.

Growth in the industrial sector—accounting for around 33 per cent of the GDP—jumped to about 11.89 per cent in Q4 FY23, while it was 1.74 per cent during the same period a year ago.

The manufacturing sector saw 13.57 per cent growth—the highest among all sub-sectors.

Fibre2Fashion News Desk (DS)

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