Bangladesh's gross domestic product, or GDP, growth has declined to 3.91 percent in the April-June quarter of FY 2023-24, primarily due to a downturn in industrial production.
This marks nearly a halving of growth compared to the same period last year, where it stood at 6.88 percent.
According to updated figures from the Bangladesh Bureau of Statistics, or BBS on Monday, industrial production increased by 3.98 percent during this three months, down from 10.16 percent in the previous fiscal year.
The statistics also indicate a decline in agricultural production and service sector growth during this timeframe, though the final figures may vary slightly.
Earlier, preliminary estimates indicated a GDP growth of 5.82 percent for the entire fiscal year, slightly above the previous year's growth of 5.78 percent.
The agriculture sector reported a growth of 3.21 percent, down by 0.16 percent compared to the same quarter last year.
In contrast, the services sector showed improvement, with growth rising from 5.37 percent in FY 2022-23 to 5.80 percent in FY 2023-24.
Bangladesh achieved a record GDP growth of 8.15 percent in the 2018-19 fiscal year, followed by a downturn due to the Covid-19 pandemic, which saw growth fall to 3.45 percent in FY 2019-20.
Despite recovery in the following years, global economic pressures, including the war in Ukraine, have affected growth prospects.
—bdnews24.com
