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GDP Growth Slows as Industrial Sector Takes a Hit

Economic Tag: GDP

Bangladesh’s gross domestic product (GDP) is expected to show a slower growth rate in the current financial year, primarily due to challenges faced by the industrial sector, according to official figures. The provisional projection by the Bangladesh Bureau of Statistics (BBS) estimates a GDP expansion of 6.03% for the fiscal year ending in June, down from 7.1% in the previous year. The industrial sector has been grappling with a combination of factors such as currency depreciation, reduced investment, lower exports, and import constraints on raw materials. The growth rate of the industrial sector dropped by 1.68 percentage points, while the agricultural and services sectors also experienced declines. The situation has been attributed to energy and foreign exchange shortages, which disrupted investment and production. The government’s efforts to address these challenges and reduce costs are crucial for sustaining economic growth.

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