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Industrial growth plunged in fiscal year 2019-20

Published : Sunday, 8 August, 2021 at 12:00 AM  Count : 631

Bangladesh's industrial growth plummeted the fiscal year (FY) 2019-20 when the country's total economic output slowed down as the pandemic hit productions in the last four months of the fiscal.
A rebound still stays sluggish, they maintained.
Agriculture, conversely, saved the situation as higher agricultural growth cushioned falling output and absorbed many unemployed people when the pandemic broke out.
According to the latest data of Bangladesh Bureau of Statistics (BBS), the gross domestic product (GDP) growth rate driven by the country's main engine-industry-- dipped to 3.25 per cent, nearly a fourth of that in the FY2019.
Similarly, the rate on the second growth driver-the service sector - had also plunged to 4.16 per cent in the FY2020 from its bouncy 6.78 per cent rate in FY2019, the official data show.
Meanwhile, the growth rate in the agriculture sector in the previous FY2020 helped resuscitate the overall economic output rate to 3.51 per cent before falling into negative trajectory.
Most of the global economies, save some 21, were in the negative growth dynamics in the FY2020 under devastating impact of the Covid-19 pandemic.
Before the viral invasion in 2020, Bangladesh's economy had expanded at an impressive rate of 8.15 per cent in FY2019.
Analysts observe although the pandemic hit hard the country's industrial and service sectors following anti-corona lockdowns-at home and the world over--agriculture performed just opposite in FY2020, outpacing its rate of growth in the previous fiscal.
In FY2020, the country's agricultural growth rate was recorded at 4.59 per cent, 0.67 percentage points higher than that in the fiscal year immediate before.
Earlier, the agriculture-sector growth had almost maintained a downturn over the last one decade under contraction.
Meanwhile, BBS's provisional GDP estimation in the last FY2021 showed a little bit recovery in industrial growth as this main growth driver of the country expanded 6.12 per cent.
Service-sector growth also bounced a bit to 5.61 per cent in FY2021 from 4.16 per cent in the previous fiscal. The growth rate in agriculture, however, fell to 3.45 per cent in the last FY2021 from an impressive 4.59 per cent in the previous year (FY2020), saya the BBS data.
As agriculture was still the largest job creator (41 per cent) in Bangladesh, it had provided employment to some newly unemployed people who returned from urban areas to villages in a reverse migration.
This is very expected that Bangladesh's economic growth would be on a lower trajectory in the previous FY2020 as most global economies, except only 21, were in the negative trajectory. But Bangladesh is fortunate enough.  It had entered into the 21-lucky club with its 3.51 per cent growth, according to an economist.







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