Bangladesh’s economy grew at a record 7.11 per cent in the last financial year as stronger industrial performance helped the country break out of the 6.0 per cent ‘growth trap’, government said.
The Gross Domestic Product (GDP) grew at 7.11 per cent in the last 2015-16 fiscal as compared to 6.51 per cent in the previous fiscal (2014-15), according to data released by the Bangladesh Bureau of Statistics (BBS) yesterday.
The GDP growth was mainly led by the industrial sector as it expanded at 11.09 per cent rate in the last fiscal, up from 9.67 per cent in the previous fiscal, BBS said.
Bangladesh’s per-capita income also increased to USD 1,465 from USD 1,316 in the previous financial year, it said.
The government had set a target of GDP growth at 7.0 per cent for Financial Year (FY) 2016.
“The GDP growth figure appeared higher in the final calculation. It is good news,” Finance Minister AMA Muhith said.
The economy of Bangladesh, one of the least developed countries, had fallen into a six per cent growth trap since 2004 as it could not cross the six per cent trajectory in the last one decade.
In 2004, the country’s GDP expanded at 6.2 per cent from 5.26 per cent in the previous but had maintained over 6.0 per cent growth almost every year over thereafter.
Planning Minister AHM Mostafa Kamal said Bangladesh’s total GDP size increased to 173.3 trillion taka in the last FY 2016 from 151.58 trillion taka in previous FY.
“Bangladesh as per the purchasing power parity (PPP) has now stood at 33rd position among the world economies,” he said.