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Economy of Bangladesh


Karwan Bazar, a commercial hub of Bangladesh:


Quick Facts

Rank 45

Currency Bangladesh Taka (BDT)

Fiscal year 1 July - 30 June

Trade organizations WTO , WCO , IOR-ARC , SAFTA, D8

Statistics

GDP $282.5 billion (2011 est.)

GDP growth 6.3% (2012 est.)

GDP per capita $1,700 (2011 est.)

GDP by sector agriculture: 18.4%, industry: 28.6%, services: 53% (2011 est.)

Inflation ( CPI ) 10.7% (2012 est.)

Population
below poverty line 31.5% (2012 est.)

Gini coefficient 33.2 (2005)

Labour force 75.42 million (2012)

Labour force
by occupation agriculture: 45%, industry: 30%, services: 25% (2008)

Unemployment 5% (2012 est.)

Main industries textiles and apparel, jute, tea, leather, telecommunications, pharmaceuticals, cement, ceramics, shipbuilding, fertilizer, food processing, paper newsprint, light engineering, sugar , fisheries , rubber , ship repairing , agriculture

Ease of Doing Business Rank 122nd

External
Exports $24.28 billion (2012 est.)

Export goods apparel, ships, jute and jute products, frozen fish and seafood, leather and leather products, ceramics, pharmaceuticals, cement, processed food, fertilizer

Main export partners US 19,7%, Germany 16,1%, UK 9,5%, France 7,2%, Netherlands 4,3%(2012)

Imports $30 billion (2012 est.)

Import goods machinery and equipment, chemicals, iron and steel, textiles, foodstuffs, petroleum products, cement

Main import partners China 18.9%, India 12.7%, Singapore 6%, Malaysia 4.7%, Japan 4% (2010)

Gross external debt $24.6 billion (31 December 2010 est.)

Public finances
Public debt 36.7% of GDP (2012 est.)

Revenues $12.67 billion (2012 est.)

Expenses $17.15 billion (2012 est.)

Economic aid $0.957 billion (2011 est.)

Credit rating BB - (domestic)

BB - (foreign)

BB -(T&C assessment)
( Standard & Poor's )

(Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars)
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The economy of Bangladesh is a rapidly developing market-based economy . Its per capita income in 2010was est. US$1,700 (adjusted by purchasing power parity ). Accordingto the International Monetary Fund , Bangladesh ranked as the 43rd largest economy in the world in 2010 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of US$269.3 billion in PPP terms and US$104.9 billion in nominal terms. The economy has grownat the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the servicesector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leatherand leather goods, ceramics, ready-made goods.
Remittances from Bangladeshis working overseas, mainly in the Middle East, is the major source of foreign exchange earnings; exports of garments and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation havebecome a major force ofgrowth. GDP's rapid growth due to sound financial control and regulations have also contributed to its growth; however, foreign direct investment is yet to risesignificantly. Bangladesh has made major strides in its human development index.
The land is devoted mainly to rice and jute cultivation as well as fruits and other produce,although wheat production has increasedin recent years; the country is largely self-sufficient in rice production. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depend on its six seasons and multiple harvests.
Transportation, communication, water distribution, and energy infrastructure are rapidlydeveloping. 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. The country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas, with the blessing of possessing the worlds only natural sea ports in Mongla and Chittagong, in addition to being the only central port linking two large burgeoning economic hub groups SAARC and ASEAN .
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