Bangladesh: Economy#
Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports and surpassed $25 billion in 2015. The sector continues to grow, despite a series of factory accidents that have killed more than 1,000 workers, and crippling strikes, including a nationwide transportation blockade implemented by the political opposition during the first several months of 2015. Steady garment export growth combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are the largest contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
Economic Facts#
| GDP (purchasing power parity) | $628.4 billion (2016 est.) $587.7 billion (2015 est.) $550.2 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $226.8 billion (2015 est.) |
| GDP - real growth rate | 6.9% (2016 est.) 6.8% (2015 est.) 6.3% (2014 est.) |
| GDP - per capita (PPP) | $3,900 (2016 est.) $3,700 (2015 est.) $3,500 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 28.6% of GDP (2016 est.) 29.7% of GDP (2015 est.) 29.1% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 70.3% government consumption: 5.2% investment in fixed capital: 28.2% investment in inventories: 3% exports of goods and services: 16.5% imports of goods and services: -23.2% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 15.1% industry: 28.6% services: 56.3% (2016 est.) |
| Agriculture - products | rice, jute, tea, wheat, sugarcane, potatoes, tobacco, pulses, oilseeds, spices, fruit; beef, milk, poultry |
| Industries | jute, cotton, garments, paper, leather, fertilizer, iron and steel, cement, petroleum products, tobacco, pharmaceuticals, ceramics, tea, salt, sugar, edible oils, soap and detergent, fabricated metal products, electricity, natural gas |
| Industrial production growth rate | 8.4% (2016 est.) |
| Labor force | 83.59 million note: extensive export of labor to Saudi Arabia, Kuwait, UAE, Oman, Qatar, and Malaysia; workers' remittances were $15 billion in 2015, 8% of GDP (2016 est.) |
| Labor force - by occupation | agriculture: 47% industry: 13% services: 40% (2010 est.) |
| Unemployment rate | 4.9% (2016 est.) 4.9% (2015 est.) note: about 40% of the population is underemployed; many persons counted as employed work only a few hours a week and at low wages |
| Population below poverty line | 31.5% (2010 est.) |
| Household income or consumption by percentage share | lowest 10%: 4% highest 10%: 27% (2010 est.) |
| Distribution of family income - Gini index | 32.1 (2010) 33.6 (1996) |
| Budget | revenues: $23.78 billion expenditures: $35.32 billion (2016 est.) |
| Taxes and other revenues | 10.5% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -5.1% of GDP (2016 est.) |
| Public debt | 25.9% of GDP (2016 est.) 26.6% of GDP (2015 est.) |
| Fiscal year | 1 July - 30 June |
| Inflation rate (consumer prices) | 5.6% (2016 est.) 6.2% (2015 est.) |
| Central bank discount rate | 5% (31 December 2010) 5% (31 December 2009) |
| Commercial bank prime lending rate | 10.7% (31 December 2016 est.) 11.71% (31 December 2015 est.) |
| Stock of narrow money | $25.28 billion (31 December 2016 est.) $21.44 billion (31 December 2015 est.) |
| Stock of broad money | $121.5 billion (31 December 2016 est.) $106.8 billion (31 December 2015 est.) |
| Stock of domestic credit | $128.9 billion (31 December 2016 est.) $113 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $50.98 billion (31 December 2015 est.) $41.73 billion (31 December 2014 est.) $23.55 billion (31 December 2011 est.) |
| Current account balance | -$131 million (2016 est.) $1.507 billion (2015 est.) |
| Exports | $33.32 billion (2016 est.) $31.74 billion (2015 est.) |
| Exports - commodities | garments, knitwear, agricultural products, frozen food (fish and seafood), jute and jute goods, leather |
| Exports - partners | US 13.9%, Germany 12.9%, UK 8.9%, France 5%, Spain 4.7% (2015) |
| Imports | $39.17 billion (2016 est.) $37.63 billion (2015 est.) |
| Imports - commodities | cotton, machinery and equipment, chemicals, iron and steel, foodstuffs |
| Imports - partners | China 22.4%, India 14.1%, Singapore 5.2% (2015) |
| Reserves of foreign exchange and gold | $29.77 billion (31 December 2016 est.) $27.49 billion (31 December 2015 est.) |
| Debt - external | $37.26 billion (31 December 2016 est.) $35.49 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $13.24 billion (31 December 2016 est.) $12.91 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $343 million (31 December 2016 est.) $188 million (31 December 2015 est.) |
| Exchange rates | taka (BDT) per US dollar - 78.5 (2016 est.) 77.947 (2015 est.) 77.947 (2014 est.) 77.614 (2013 est.) 81.86 (2012 est.) |