Economy Grew 4.86% in Jan-Mar, Quickest in Nearly Two Years
Bangladesh’s economy has demonstrated impressive resilience, recording a growth of 4.86 percent in the January to March quarter of the fiscal year 2024-25. This marks the fastest growth rate in seven quarters, predominantly driven by a robust performance in both the industrial and services sectors.
According to the latest data released by the Bangladesh Bureau of Statistics (BBS), industrial output surged by a remarkable 6.91 percent during this three-month period. This is a notable increase from the 4.55 percent growth recorded during the same period the previous year. The industrial sector’s resurgence highlights a significant boost in manufacturing and production activities that have taken place over the past year.
The services sector, which is a major pillar of the Bangladeshi economy, representing over half of its economic structure, also exhibited strong performance. It expanded by 5.88 percent compared to 4.31 percent in the corresponding quarter the previous year. This growth in services is indicative of increased consumer demand and enhanced business activities across the country.
Conversely, the agriculture sector faced some challenges. Growth in this sector slowed to 2.42 percent, which is a reduction from the more robust growth seen in the same quarter of the previous year. This slowdown highlights ongoing challenges in agricultural productivity and the need for continued support and innovation in farming practices to mitigate such declines in future assessments.
For context, during the January to March period last year, Bangladesh’s economy grew by 4.62 percent. The current spike to 4.86 percent underscores a positive trajectory for the country’s economic progress, despite the slowing agricultural growth. The overall positive performance attributes much to the dynamism of the industrial and services sectors, harnessing momentum that aids in offsetting the agricultural slowdown.
In conclusion, the vigorous performance in both industry and services sections of the economy reflects a healthy economic environment that can foster sustained growth. Policymakers and stakeholders would likely focus on bolstering the agricultural sector to ensure balanced economic progress across all sectors.
