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Economy of Bangladesh
From Wikipedia, the free encyclopedia
Economy of Bangladesh
Bashundhara city.jpg
Rising economy of Bangladesh
Rank 37 (nominal) /35 (ppp)
Currency ৳ Bangladesh Taka (BDT)
1 July - 30 June
Trade organizations
WTO, SAFTA, BIMSTEC, Developing 8 Countries, BCIM, IOR-ARC
Statistics
GDP

$174.40 billion ((nominal) 38th; 2014 est.)[1]

$396.95 billion ((PPP) 37rd; 2012 est.)[2]
GDP growth
6.7% (2013 est.)
GDP per capita
$1,125 (nominal: 147th; 2014)[3]
$2,566 (PPP" 142th; 2014 est.)
GDP by sector
agriculture: 17.3%, industry: 28.6%, services: 54.1% (2012 est.)
6.2% (2012)[4]
Population belowpoverty line
16 % (2014 est.)
32.1 (2007)
Labour force
87.9 million (2013)[5]
Labour force by occupation
agriculture: 45%, industry: 30%, services: 25% (2008)
Unemployment 5% (2012 est.)
Main industries
Bangladesh textile industry, telecoms, financial services,shipbuilding, pharmaceuticals, logistics, appliances, cement, chemicals, agribusiness, jute,leather, tea, food processing,fishing, natural gas, solar power,microfinance, glass, ceramics, light manufacturing, sporting goods, automotive industry, life sciences,software, social business, transport, construction, steel, shipping, handicrafts
117th[6]
External
Exports $30.25 billion (2013 est.)[7]
Export goods
World leader in textiles and ready-made garments (second largest exporter after China);[8] jute and jute products, fish and seafood, ocean-going ships, ferries, pharmaceuticals, software, leather goods, ceramics, processed food, sporting goods, cement, fertilizer, electronic appliances, bicycles, automotive components, agro products, handicrafts
Main export partners
 United States 16.7%
 Germany 12.5%
 United Kingdom 8.4%
 France 5.0% (2012 est.)[9]
Imports $29.27 billion (2013 est.)
Import goods
machinery and equipment, chemicals, iron and steel, textiles, cotton, foodstuffs, petroleum products
Main import partners
 China 19.5%
 India 13.4%
 Singapore 4.9%
 Malaysia 4.7%
 South Korea 4.1% (2012 est.)[10]
Gross external debt
$36.21 billion (31 December 2012 est.)
Public finances
22.8% of GDP (2013 est.)
Revenues $12.67 billion (2012 est.)
Expenses $17.15 billion (2012 est.)
Economic aid $0.957 billion (2011 est.)
BB - (domestic)
BB - (foreign)
BB -(T&C assessment)
Outlook: Stable
(Standard & Poor's)[11]
Foreign reserves
$20.03 billion (August 2013)[12]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Bangladesh is a rapidly developing market-based economy.[13] Its per capita income in 2012 was estimated to be US$2,100 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 37th largest economy in the world in 2012 in PPP terms and 36th largest in nominal terms with a gross domestic product of US$397 billion in PPP terms and US$174 billion in nominal terms. The economy has grown at the rate of 6-7% per annum over the past few years. The growth potential of the economy has led to Bangladesh's inclusion in the Next Eleven(N-11) of Goldman Sachs and the Global Growth Generators countries. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Bangladesh is considered as the next Asian Tiger Economy.[14]

Exports of textiles and garments are the largest source of foreign exchange earnings. Shipbuilding, pharmaceuticals and consumer goods manufacturing are important emerging industries, while the jute sector is re-emerging with increasing global demand for green fibres. Remittances from Bangladeshis working overseas, mainly in the Middle East, are another major source of foreign exchange earnings. Other important export sectors include fish and seafood, ceramics, cement, fertilizer, leather and leather goods, food products, software and IT services. Bangladesh has also made major strides in its human development index.[15]

The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production.[15][15] The country's tea-growing regions, located in the eastern divisions of Sylhet and Chittagong, are among the major tea producing-areas of the world. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depend on its six seasons and multiple harvests.[15]

Transportation, communication, water distribution, and energy infrastructure are rapidly developing.[15] Bangladesh is limited in its reserves of oil, but recently there has been huge development in gas and coal mining. The service sector has expanded rapidly during last two decades and the country's industrial base remains very positive.[15] The country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, substantial reserves of natural gas and coal, major seaports at Chittagong andMongla, and its central strategic location at the crossroads of the two large burgeoning economic hub groups of SAARC and ASEAN.[15]

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