Bangladesh Economy - 2024

Economic overview

one of the fastest growing economies; significant poverty reduction; COVID-19 adversely impacted female labor force participation and undermined previously stable financial conditions; looking to diversify beyond clothing industry; fairly low government debt; new taxation law struggling to increase government revenues

Real GDP (purchasing power parity)

$1.001 trillion (2021 est.)
$936.113 billion (2020 est.)
$904.912 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.94% (2021 est.)
3.45% (2020 est.)
7.88% (2019 est.)

Real GDP per capita

$5,900 (2021 est.)
$5,600 (2020 est.)
$5,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$329.545 billion (2020 est.)

Inflation rate (consumer prices)

5.55% (2021 est.)
5.69% (2020 est.)
5.59% (2019 est.)

Credit ratings

Fitch rating: BB- (2014)

Moody's rating: Ba3 (2012)

Standard & Poors rating: BB- (2010)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

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

10.29% (2021 est.)

Labor force

70.961 million (2021 est.)

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

Unemployment rate

5.23% (2021 est.)
5.41% (2020 est.)
4.44% (2019 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

Youth unemployment rate (ages 15-24)

total: 14.7% (2021 est.)

male: 12.5%

female: 19.6%

Population below poverty line

24.3% (2016 est.)

Gini Index coefficient - distribution of family income

32.4 (2016 est.)

Average household expenditures

on food: 53.5% of household expenditures (2018 est.)

on alcohol and tobacco: 1.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4%

highest 10%: 27% (2010 est.)

Remittances

5.33% of GDP (2021 est.)
5.82% of GDP (2020 est.)
5.23% of GDP (2019 est.)

Budget

revenues: $30.023 billion (2019 est.)

expenditures: $46.379 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

33.1% of GDP (2017 est.)
33.3% of GDP (2016 est.)

Taxes and other revenues

7% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$15.563 billion (2021 est.)
$1.193 billion (2020 est.)
-$2.949 billion (2019 est.)

Exports

$49.386 billion (2021 est.)
$38.476 billion (2020 est.)
$44.961 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

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

Exports - commodities

clothing, knitwear, leather footwear (2021)

Imports

$85.303 billion (2021 est.) note: data are in current year dollars
$56.776 billion (2020 est.) note: data are in current year dollars
$64.234 billion (2019 est.) note: data are in current year dollars

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

$46.166 billion (31 December 2021 est.)
$43.172 billion (31 December 2020 est.)
$32.697 billion (31 December 2019 est.)

Debt - external

$50.26 billion (31 December 2017 est.)
$41.85 billion (31 December 2016 est.)

Exchange rates

taka (BDT) per US dollar -

Exchange rates:
85.084 (2021 est.)
84.871 (2020 est.)
84.454 (2019 est.)
83.466 (2018 est.)
80.438 (2017 est.)