Industries sector Creates New record
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Apr, 09 2018

Industries sector Creates New record

Bangladesh is on the edge of achieving a new record in GDP growth for Fiscal Year (FY) 2017-18.

Industries sector Creates New record

According to Bangladesh Bureau of Statistics (BBS) data, Bangladesh will achieve a GDP growth of 7.65% in the current fiscal year, exceeding an earlier prediction of 7.4%.

Bangladesh is on the edge of achieving a new record in GDP growth for Fiscal Year (FY) 2017-18.

The growth of the industries sector for this fiscal has been predicted to be 11.99%, according to data presented by the minister at the meeting. BBS data show that the industries sector had witnessed 10.22% growth the previous fiscal year.

SME’s offer nearly 80% of the jobs in the industries sector. There are nearly a million small and medium enterprises (SME) in Bangladesh. The contribution of these SMEs to GDP is an estimated 23%. At present, the sector’s contribution to GDP exceeds 32%.

Center for Policy Dialogue (CPD) Research Director Khondaker Golam Moazzem said, “The BBS data clearly highlights the industries sector’s huge contribution to GDP.”

“Growth in all three types of industries – large, medium, and small – is quite good compared to the previous FY. The export and the domestic industries sectors have both moved forward.”

Bangladesh Institute of Development Studies (BIDS) Research Director and Agrani Bank Chairman Dr Zaid Bakht said, “The industries sector is making a positive impact on GDP growth.”

He said, “Government investment has increased in this FY, which also caused the private investments to increase. Import of industry machinery and raw materials has increased. These factors are contributing to GDP growth”

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