Bangladesh GDP size stands at 3484000C in FY21

Poverty rate remains at 20.5%

BSS: The size of the Gross Domestic Product (GDP) in the last fiscal year (FY21) stood at Tk34,84,000 crore at current prices as per the new base year of 2015-16.

The GDP growth of the country recorded 5.43% also in the last fiscal year, according to the provisional estimation of the Bangladesh Bureau of Statistics (BBS).

The BBS data showed that the per capita income of the country in the last fiscal year (FY21) stood at $2,554 or Tk2,16,589 which was $2,326 or Tk1,97,199 in the previous fiscal year (FY20).

The BBS has already completed the necessary works for updating the GDP base year from 2005-06 to 2015-16.

Revealing the latest provisional figures of the BBS which were also placed before the Ecnec meeting on Tuesday, Planning Minister MA Mannan said that the base year has been updated for which newer areas have been brought under the calculation.

“As a result, the overall GDP size has been increased as well as the per capita income,” he added.

He also informed that the foreign currency reserves are nearing $50 billion while the country’s literacy rate above 15 years also reached 75.2%.

However, the poverty rate remains at 20.5% while the life expectancy reached 72.8 years.

The planning minister mentioned that the GDP growth rate in the last fiscal year (FY21) reached 5.43% which was the highest in this South Asian region despite the shocks of the Covid-19 pandemic.

Compared to the base year 2005-06 to 2015-16, the GDP size in current prices witnessed a 19.8% increase in FY16, BBS data added.

On the other hand, compared to the year 2015-16 to 2020-21, the GDP size over the last six years at current prices witnessed a 17% increase.

Out of the overall GDP size of Tk34,84,000 crore in FY21 at current prices, the share of the agriculture sector is Tk4,06,100 crore, the industries sector Tk11,36,200 crore while the services sector Tk18,09,800 crore as per the fresh base year.

Meanwhile, if compared at constant prices, the GDP size in the last fiscal year stood at Tk27,93,900 crore, according to the new base year. As per the fresh base year, the country’s investment ratio to GDP stood at 30.76%, while the national savings ratio to GDP at 32.15%.