2024-07-11 07:34:30
Based on the latest data, the Bangladesh Bureau of Statistics (BBS) has estimated the quarterly gross domestic product (GDP) for the third quarter (January-March 2024) of the recently concluded fiscal year 2023-24. According to the estimates, the GDP growth rate in the third quarter of the fiscal year 2023-2024 is 6.12 percent. The growth rate has increased from the same period last year. Besides, Bangladesh has shown success in agricultural and industrial sectors.
This information was found in the updated report published by the Bangladesh Bureau of Statistics (BBS) on Tuesday (July 9).
According to BBS, according to the calculation of the third quarter of the fiscal year 2023-2024, the size of the GDP at current prices is 13 thousand 478 billion taka, which was 11 thousand 443 billion taka in the third quarter of the fiscal year 2022-2023. On a point-to-point basis, the growth in the third quarter of the fiscal year 2023-2024 at constant prices was 6.12 percent, which was 6.01 percent in the first quarter and 3.78 percent in the second quarter. In the fiscal year 2022-2023, the growth in the third quarter was 2.30 percent, which was 7.03 percent and 7.08 percent in the first and second quarters.
According to the Quarterly National Accounts Manual of the International Monetary Fund (IMF), at the time of the first estimate of GDP for a quarter, not all the data are up-to-date and hence revisions are required. As a result, there was some difference in the growth of the previous quarter. Agriculture and industrial sectors are said to have done well in the third quarter.
Agriculture sector
At constant prices on a point-to-point basis, the growth of the agriculture sector was 5.46 percent in the third quarter of the fiscal year 2023-2024, which was 1.04 percent and 4.65 percent in the first and second quarters. The growth in the third quarter of the fiscal year 2022-2023 was 1.88 percent which was zero.16 percent and 4.22 percent in the first and second quarters.
Industrial sector
On a point-to-point basis, the growth of the industrial sector in the third quarter of FY2023-2024 at constant prices was 7.03 percent, which was 9.63 percent and 3.24 percent in the first and second quarters. The growth in the third quarter of the financial year 2022-2023 was 4.98 percent, which was 7.23 percent and 10 percent in the first and second quarters.
Service sector
On a point-to-point basis at constant prices, the services sector grew by 4.97 percent in the third quarter of the financial year 2023-2024, which was 3.73 percent and 3.06 percent in the first and second quarters. The growth in the third quarter of the financial year 2022-2023 was 1.47 percent, which was 9.72 percent and 6.62 percent in the first and second quarters.
BBS Publishes Marginal Estimates of GDP The BBS, as the national statistics agency, regularly estimates gross GDP. As per the Government’s decision of 26 November 2020 and subsequent to the advice of the IMF, quarterly Gross Domestic Product estimates are undertaken through the BBS.