GDP growth revised up
Star Business Report
Bangladesh’s economy grew 6.55 percent in fiscal 2014-15, which is 0.04 percentage point more than the provisional estimate despite a three-month political turmoil.
Bangladesh Bureau of Statistics earlier gave provisional estimate of 6.51 percent for GDP growth, which the International Monetary Fund said was high. In fiscal 2013-14, GDP grew 6.06 percent.
The BNP-led opposition alliance enforced a strike from January to March last year and the World Bank and various local think-tanks estimated that the unrest will cause a heavy loss to the economy.
In April 2015, the WB said the country lost $2.2 billion (approximately Tk 17,150 crore), or 1 percentage point of GDP, due to the prolonged political turmoil.
Without the political turmoil, GDP growth could have been 6.6 percent.
But due to the political unrest, the Washington-based multilateral lender projected 5.6 percent GDP growth for fiscal 2014-15, down from fiscal 2013-14’s 6.01 percent.
Although people were killed in the political unrest economic activities did not stop, said Planning Minister AHM Mustafa Kamal while releasing the final figures of the BBS yesterday.
Exports continued amid the transport blockade. With the help of the law-enforcement agencies, export consignments were escorted from Dhaka to Chittagong, he said.
There was no dearth of goods in the kitchen markets in Dhaka either as supply was normal during the unrest.
Both industrial and services sectors saw growth, but agriculture contracted. In fiscal 2014-15, growth in agriculture decreased 1.04 percentage points to 3.33 percent.
In the services sector, growth increased 0.18 percentage points to 5.8 percent. The growth in the industrial sector was 1.51 percentage points to stand at 9.67 percent.