Bangladesh economy grows by 3.78% in Q2 FY24; slowest in 3 quarters

10 Apr '24

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Bangladesh economy grows by 3.78% in Q3 FY24; slowest in 3 quarters

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Bangladesh's economic growth halved to 3.78 per cent in Q2 FY24—the slowest at least in three quarters—as growth in manufacturing output dropped sharply due to reduced domestic consumption and slow exports, the official statistics agency said recently.
Industrial production grew by 3.24 per cent in the quarter from 10 per cent in the same period a year ago.

Bangladesh's economic growth halved to 3.78 per cent in the second quarter (Q2) of fiscal 2023-24 (FY24)—the slowest at least in three quarters—as growth in manufacturing output dropped sharply because of reduced domestic consumption and slow exports, the Bangladesh Bureau of Statistics (BBS) said in its quarterly estimate of gross domestic product (GDP).

The economic growth was 7.08 per cent in Q2 FY23, i.e., the October-December period of 2022.

Industrial production and farm production expanded by 3.24 per cent and 4.65 per cent in Q2 FY24 from 10 per cent and 4.22 per cent respectively in the same period a year ago.

The output growth in the industrial sector, which makes up 37.57 per cent of the economy, was the lowest in the five quarters, BBS said.

The services sector, which accounts for half of the GDP, increased by 3.06 per cent in Q2 FY24, half of what it registered a year ago, according to domestic media reports.

The national statistical agency started calculating quarterly GDP figures after the International Monetary Fund put that condition for a $4.7-billion loan.

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