Bangladesh Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic overview

Bangladesh's economy has grown roughly 6% per year since 2005 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. 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.

 

Garments, the backbone of Bangladesh's industrial sector, accounted for more than 80% of total exports in FY 2016-17. The industrial sector continues to grow, despite the need for improvements in factory safety conditions. Steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves in FY 2016-17. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.

Real GDP growth rate

7.4% (2017 est.)

7.2% (2016 est.)

6.8% (2015 est.)

country comparison to the world: 12

Inflation rate (consumer prices)

5.5% (2019 est.)

5.5% (2018 est.)

5.6% (2017 est.)

country comparison to the world: 188

Credit ratings

Fitch rating: BB- (2014)

Moody's rating: Ba3 (2012)

Standard & Poors rating: BB- (2010)

Real GDP (purchasing power parity)

$775.076 billion (2019 est.)

$716.65 billion (2018 est.)

$664.403 billion (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 31

GDP (official exchange rate)

$329.545 billion (2020 est.)

Real GDP per capita

$4,754 (2019 est.)

$4,441 (2018 est.)

$4,161 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 177

Gross national saving

35.7% of GDP (2019 est.)

33.3% of GDP (2018 est.)

35.2% of GDP (2017 est.)

country comparison to the world: 19

GDP - composition, by sector of origin

agriculture: 14.2% (2017 est.)

industry: 29.3% (2017 est.)

services: 56.5% (2017 est.)

GDP - composition, by end use

household consumption: 68.7% (2017 est.)

government consumption: 6% (2017 est.)

investment in fixed capital: 30.5% (2017 est.)

investment in inventories: 1% (2017 est.)

exports of goods and services: 15% (2017 est.)

imports of goods and services: -20.3% (2017 est.)

Ease of Doing Business Index scores

Overall score: 45 (2020)

Starting a Business score: 82.4 (2020)

Trading score: 31.8 (2020)

Enforcement score: 22.2 (2020)

Agricultural products

rice, potatoes, maize, sugar cane, milk, vegetables, onions, jute, mangoes/guavas, wheat

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

10.2% (2017 est.)

country comparison to the world: 15

Labor force

66.64 million (2017 est.)

note: extensive migration of labor to Saudi Arabia, Kuwait, UAE, Oman, Qatar, and Malaysia

country comparison to the world: 7

Labor force - by occupation

agriculture: 42.7%

industry: 20.5%

services: 36.9% (2016 est.)

Unemployment rate

4.4% (2017 est.)

4.4% (2016 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

country comparison to the world: 65

Population below poverty line

24.3% (2016 est.)

Gini Index coefficient - distribution of family income

32.4 (2016 est.)

33.2 (2005)

country comparison to the world: 139

Household income or consumption by percentage share

lowest 10%: 4%

highest 10%: 27% (2010 est.)

Budget

revenues: 25.1 billion (2017 est.)

expenditures: 33.5 billion (2017 est.)

Taxes and other revenues

9.6% (of GDP) (2017 est.)

country comparison to the world: 214

Budget surplus (+) or deficit (-)

-3.2% (of GDP) (2017 est.)

country comparison to the world: 137

Public debt

33.1% of GDP (2017 est.)

33.3% of GDP (2016 est.)

country comparison to the world: 159

Fiscal year

1 July - 30 June

Current account balance

-$5.322 billion (2017 est.)

$1.391 billion (2016 est.)

country comparison to the world: 185

Exports

$33.057 billion (2019 est.)

$29.798 billion (2018 est.)

$27.568 billion (2017 est.)

country comparison to the world: 69

Exports - partners

United States 15%, Germany 14%, United Kingdom 8%, Spain 7%, France 7% (2019)

Exports - commodities

clothing, knitwear, leather footwear (2019)

Imports

$44.801 billion (2019 est.)

$45.725 billion (2018 est.)

$36.001 billion (2017 est.)

country comparison to the world: 64

Imports - partners

China 31%, India 15%, Singapore 5% (2019)

Imports - commodities

refined petroleum, cotton, natural gas, scrap iron, wheat (2019)

Reserves of foreign exchange and gold

$33.42 billion (31 December 2017 est.)

$32.28 billion (31 December 2016 est.)

country comparison to the world: 49

Debt - external

$50.26 billion (31 December 2017 est.)

$41.85 billion (31 December 2016 est.)

country comparison to the world: 68

Exchange rates

taka (BDT) per US dollar -

84.75 (2020 est.)

85 (2019 est.)

83.715 (2018 est.)

77.947 (2014 est.)

77.614 (2013 est.)

NOTE: The information regarding Bangladesh on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bangladesh 2021 information contained here. All suggestions for corrections of any errors about Bangladesh 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.