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Sunday, March 19, 2006

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Statistical bureau predicts 6.8pc GDP growth this fiscal
Shakhawat Hossain
3/19/2006
 

          The country's gross domestic product (GDP) is likely to hit a record 6.8 per cent growth in the current fiscal, thanks to strong performances by agricultural, industrial and service sectors.
The GDP growth projection, made by the Bangladesh Bureau of Statistics (BBS) on the basis of constant market price is the highest in five years.
The GDP growth of 6.27 per cent in 2003-04 was the previous highest, sources said.
The latest BBS projection on the 2005-'06 fiscal, which has been sent to different government offices including the Finance Division and the Bangladesh Bank, predicted that the agricultural sector growth might cross 5.01 per cent.
On the other hand, the industrial and service sectors' growth may touch 9.0 per cent and 6.72 per cent respectively, reflecting the higher growth forecast by the local and international agencies.
The country's GDP growth in 2004-05 was of 5.61 per cent against a projection of 5.38 per cent.
The GDP growth rate was 6.27 per cent, 5.26 per cent, 4.42 per cent, and 5.27 per cent in 2003-04, 2002-03, 2001-02 and 2000-01 respectively.
BBS officials said a higher crop yield due to favourable weather condition and a significant rise in industrial production have mainly pushed the GDP growth up nearly to 7.0 per cent.
The production of Aus paddy witnessed at 16.50 per cent growth in the current fiscal. Its production has been estimated at 1.75 million tonnes.
The growth of Aman production was more than 12.0 per cent as 11 million tonnes were estimated to have been produced. The production of Boro has been projected at nearly 14 million tonnes with a growth of 1.20 per cent.
The BBS projected wheat production at 1.0 million tonnes with a growth rate of nearly 2.50 per cent.
In the industrial sector, most of its sub-sectors like electricity and water supply made nearly 8.40 per cent, mining 8.62 per cent and construction 8.96 pr cent growth rates.
According to BBS officials, the growth of service sector depends on the growth performance of agricultural and industrial sectors.
As the growth of both agricultural and industrial sectors is up to the mark, the BBS has revised the projected service sector growth at 6.72 per cent from earlier 5.61 per cent.
The growth of hotel and restaurants, as per the projection, is likely to hit 7.50 per cent, transport, storage and communication, 8.36 per cent, financial intermediary services, 8.04 per cent, public administration and defence, 10.05 per cent, and telecommunications, 27.37 per cent.

 

 
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