Bangladesh's GDP growth slows to 3.78% in second quarter

The gross domestic product (GDP) growth of Bangladesh for the second quarter of the fiscal year 2023-24 has been estimated at 3.78%.

Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023).

According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. As per the GDP growth rate for the second quarter of FY 2023-24 is 3.78 percent. In the second quarter of FY 2022-23 the growth was 7.08 percent and in the second quarter of FY 2021-22 the growth was 9.30 percent.

The agricultural sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23 and 2.20 percent in the second quarter of FY 2021-22.

The growth of the industrial sector was 3.24 percent. Which was 10 percent in the second quarter of FY23 and 14.50 percent in the second quarter of FY22.

Besides, the services sector grew by 3.06 percent in the second quarter of FY2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22.

As per government decision and subsequent advice from the International Monetary Fund (IMF), the Bangladesh Bureau of Statistics (BBS) conducts quarterly GDP estimates. Similar to other nations globally, BBS utilizes the production method to estimate quarterly GDP.

However, annual GDP is estimated through a combination of the production and expenditure methods.