The central bank of Bangladesh uncovered six statistical anomalies leading to a significant correction in export data, revealing an inflated export value by nearly $14 billion for the July-April period of FY24. These inaccuracies, ranging from duplicate entries to miscalculations of fabric values and sample items, were discovered during a cross-verification of data from scheduled banks and the National Board of Revenue. The revisions have significant implications for economic assessments and policies, highlighting a long-standing discrepancy of over $12 billion in FY23.
Notably, the adjustments indicate a potential reduction in GDP growth estimates. The Bangladesh Bureau of Statistics had projected a 5.8% GDP growth for FY24, based on a 5.63% growth in exports. However, the corrected data suggests that actual economic growth may be closer to 4.8%, reflecting the true export performance. This revelation underscores the importance of accurate data for economic planning and policy-making.
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