Overview of Bangladesh Economy
Bangladesh, which emerged as an independent nation in 1971, is a developing economy of South Asia. With a population of 160 million the country’s basic economic policy aimed at achieving high and steady growth, reduce widespread poverty and sustain macroeconomic stability. The economy is in transition from a public sector dominated economy to a private sector led economy. International trade and foreign investment is considered to be vital in its endeavour to become a robust economy in South Asia. The ready-made garments (woven and knitwear) industry is responsible for nearly 78% of the country’s export revenues. Other sectors such as frozen food, leather, ceramics, home textile, pharmaceuticals, ICT and ship building are growing and contributing positively to Bangladesh’s economy. Foreign investment, including from the UK, has filtered into Bangladesh in many sectors. The economy’s biggest asset is its plentiful supply of very cheap labour, a major attraction for foreign investors. The country’s other endowments include its vast skilled and semi-skilled human resource base, fertile agricultural land, and substantial reserves of natural gas and coal.
Basic Economic Facts
(Fiscal Year Jul 2011 to Jun 2012)
|GDP||:||US$ 111.83 billion|
|GDP Growth||:||6.32% (Estimated)|
|Per Capita Income||:||US$ 848|
|Distribution of GDP||:||
Agriculture : 19.29%
Industry : 31.26%
Service : 49.45%
|Inflation (CPI)||:||10.76% (average)|
|Total Export (up to May)||:||US$ 21.98 billion|
|Total Import (up to April)||:||US$ 29.58 billion|
|Remittance (up to May)||:||US$ 11.77 billion|
|Current Account Balance (up to April)||:||US$ 509 million|
|Foreign Direct Investment||:||US$ 1136 million ( 2011)|
|Foreign Exchange Reserve||:||US$ 9.52 billion (as on May 2012)|
|Exchange rate||:||1 US$=Tk 81.80 (average)|
Major industries: Readymade Garments (woven and knitwear), Textile, Chemical, Sugar, Fertiliser, Cement, Pharmaceuticals, Frozen Food, Jute goods, Leather, Ship Building.
Major Trading commodities:
Export: ready made garments, home textile, jute and jute goods, leather and leather products, chemical products, frozen food (fish and shrimp), tea.
Import: machinery and equipment, chemicals, iron and steel, yarn, textiles, food grain & other foodstuffs, crude petroleum & petroleum products, plastic & rubber article
Major trading partners:
Export: USA, Germany, UK, France, Canada, Italy.
Import: China, India, Kuwait, Singapore, Hong Kong, Malaysia.