Dhaka,  Sunday
14 July 2024

GDP growth rises to 6.12pc in Q3

Staff Reporter, Dhaka

Published: 08:42, 10 July 2024

Update: 08:44, 10 July 2024

GDP growth rises to 6.12pc in Q3

Photo: Collected 

The Bangladesh Bureau of Statistics (BBS) has estimated GDP for the third quarter (January-March 2024) of the recently concluded fiscal year 2023-24. According to BBS estimates, the growth in the third quarter of the last financial year stood at 6.12 percent. The growth rate has increased from the same period last year. Besides, Bangladesh has shown success in agriculture and industry.

The National Accounting Wing of Bangladesh Bureau of Statistics (BBS) released this information on Tuesday (July 9). According to the BBS, GDP at current prices stood at Tk 13,478 billion in the third quarter of the fiscal year 2023-24, which was Tk 11,443 billion in the third quarter of the fiscal year 2022-23.

On a point-to-point basis at constant prices, growth in the third quarter of FY2023-24 was 6.12 percent, as against 6.01 percent and 3.78 percent in the first and second quarters respectively. In FY 2022-23, the growth in the 3rd quarter was 2.30 percent, which was 7.03 percent and 7.08 percent in the 1st and 2nd quarters respectively.

It should be noted that according to the IMF's Quarterly National Accounts Manual, not all data are available at the time of the first estimate of the GDP of a quarter, so revisions are required later. As a result, there was some difference in the growth of the previous quarter.

According to BBS data, the agriculture sector grew at 5.46 percent in the third quarter of FY 2023-24 at constant prices on a point-to-point basis, which was 1.04 percent and 4.65 percent in the 1st and 2nd quarter respectively. The growth in the 3rd quarter of FY 2022-23 was 1.88 percent, which was 0.16 percent and 4.22 percent in the 1st and 2nd quarters respectively.

The industrial sector grew at 7.03 percent in the 3rd quarter of FY2023-24 at constant prices on a point-to-point basis, as against 9.63 percent and 3.24 percent in the 1st and 2nd quarters respectively. The growth in the 3rd quarter of FY2022-23 was 4.98 percent, which was 7.23 percent and 10 percent in the 1st and 2nd quarters respectively.

Services sector grew at 4.97 percent in the 3rd quarter of FY 2023-24 at constant prices on a point-to-point basis, as against 3.73 percent and 3.06 percent in the 1st and 2nd quarters respectively. The growth in the 3rd quarter of FY 2022-23 was 1.47 percent, which was 9.72 percent and 6.62 percent in the 1st and 2nd quarters respectively.

Messenger/Disha