Bangladesh Growth 6.03% In FY23 As Per Statistics

According to the Bangladesh Bureau of Statistics (BBS), Bangladesh saw a decreased growth rate of 6.03 percent in the current fiscal year, compared to 7.1 percent the previous year. The industrial sector was the largest contributor to this expansion, which had a considerable impact on the country's overall gross domestic product (GDP). The current fiscal year concludes in June.

The country's industrial sector grew by 1.68 percentage points to 8.18 percent in fiscal 2022-23, owing to a severe reduction in the value of the taka versus the US dollar, as well as lower investment, exports, and raw material imports. Growth in the sector was 9.86% a year ago.

The industrial sector accounts for around 36% of the country's GDP.

Between July and March, the opening and settlement of letters of credit for the import of industrial raw materials fell 31% and 6.68%, respectively, compared to the same period the previous year.

In the first ten months of FY23, shipments increased by 5.38 percent year on year to $45.67 billion. According to a domestic newspaper, it increased by 34.38% to a record $52.08 in fiscal 2021-22.

The government forecasts an investment-to-GDP ratio of 31.25 percent in FY23, down from 32.05 percent in FY22. If this ratio continues to rise, entrepreneurs may be hesitant to spend more, according to one expert.