The country’s gross domestic product growth for the 2023-2024 financial year was 4.22 per cent, according to the Bangladesh Bureau of Statistics’ update released on Monday.
The final calculation is 1.6 percentage points less than the provisional estimate of 5.8 per cent made in May 2024, said the update.
However, the final calculation has not reflected the big correction in export incomes for FY23 and FY24.
In FY23, the country’s GDP growth rate was 5.78 per cent.
The BBS will revise the FY24 GDP growth again after getting corrected figures of export incomes for necessary financial years, said a senior BBS official.
The BBS update showed that the growth of agriculture, industry and service sectors dropped in FY24 compared with that in FY23.
The industry sector growth faltered to 3.51 per cent in FY24 from 8.37 per cent in FY23 amid a shortage of dollars hampering imports of industrial raw materials.
The agriculture sector growth decreased to 3.30 per cent in FY24 compared with that of 3.37 per cent in FY23.
The service sector which accounts for more than 50 per cent of share of the GDP suffered in FY24 as it grew 5.09 per cent compared with 6.26 per cent in FY23.
The country’s overall GDP size in term of the US dollar stood at $450 billion, while the previous estimate was $459 billion, according to the BBS update.
The per capita income has also been revised down to $2,738 from $2,784.
The BBS update also said that it had received final data on export incomes for FY23 and FY24 from the Bangladesh Bank.
The final data showed a wide gap with the previous BB data.
Export incomes as per the BB decreased by 15.29 per cent in FY23 and 21.07 per cent in FY24 from their previous calculations.
The BBS officials said they were waiting for corrections of export incomes for necessary financial years to make further revision of the GDP calculation.