Bangladesh’s per capita income rises to $1,314

The per capita income in Bangladesh has risen from $1,190 to $1,314, Bangladesh Bureau of Statistics (BBS) says.

The figure emerged from an analysis of data pertaining to the first nine months (July-March) of the 2014-15 financial year.

The data also revealed that the Bangladesh GDP grew at 6.51 percent in the current fiscal.

Planning Minister AHM Mustafa Kamal placed a report at the National Economic Council (NEC) meeting presided over by Prime Minister Sheikh Hasina on Thursday. 
 
He later highlighted the report’s key contents before the media. 

He said Tk 970 billion had been allotted for the Annual Development Programme (ADP) of the new financial year.
 
“Our per capita income has risen to $1,314. Last year it was $1,190,” Mustafa Kamal said.

He added that the Bangladesh economy ranked 58th on the basis of the current per capita income.

“Our per capita purchasing power is now $3,190, and the economy ranks 36th when listed on that basis,” he said.

Over 6% growth for 6 straight years

The national statistics agency publishes preliminary growth data, per capita income, and some major economic indices in May every year.

According to the preliminary data provided in May, 2014, the GDP growth was 6.12 percent in the 2013-14 fiscal year.

The final data for that fiscal shown on Thursday indicated a growth of 6.06 percent.

Planning Minister Kamal said Bangladesh’s economy grew at 6.51 percent in the first nine months of the 2014-15 fiscal year.

“Our target was seven percent. We could have achieved the target if there were no burnings (arson attacks) during a large part of the year,” he said, referring to the three-month blockade enforced by the BNP and its allies.

He, however, said a 6.51 percent growth was not ‘little’.

The size of the entire GDP of Bangladesh was Tk 15.13 trillion and 5.99 billion.

The amount was Tk 13.43 trillion and 6.74 billion last year.

He said ‘only four countries’ had achieved a sustained growth of over six percent for six consecutive years.

“I am grateful to our farmers, workers, drivers and people from all professions for the growth.

I also thank the private sector for continuing business even during shutdowns and blockade,” Kamal said.

He said agriculture contributed 15.59 percent, industries 27.98 percent and the service sector 56.18 percent to the total growth of 6.51 percent.

Ratio of investment to GDP

According to the planning minister, the ratio of investment to GDP in Bangladesh is 28.99 percent.

The investment includes 6.6 percent by the government and 22.39 percent by private investors.

The ratio was 28.58 percent last year.