Bangladesh’s GDP (gross domestic product) growth decelerated to 3.91% year-on-year in the fourth quarter (April-June) of the fiscal year 2023-24, according to data from the Bangladesh Bureau of Statistics (BBS).

This figure marks a significant drop compared to the 6.88% GDP growth recorded in the same period of FY23.

Growth rates in the first three-quarters of FY24 were recorded at 6.04%, 4.78%, and 5.42%, in comparison to 6.25%, 7.05%, and 3.02%, respectively during the previous fiscal year.

In Q4 of FY24, agriculture grew by 5.27%, compared to 6.55% in Q4 FY23. The sector witnessed growth rates of 0.35%, 4.08%, and 5.16% over the first-three quarters of FY24, while growth in FY23’s first three quarters was comparatively lower at 0.22%, 3.83%, and 1.92%.

The industrial sector, a key contributor to Bangladesh’s GDP, grew by 3.98% in Q4 FY24, a steep decline from 10.16% in the same quarter of FY23.

This sector's growth for the first three-quarters of FY24 stood at 8.22%, 2.91%, and 6.25%, while FY23 saw rates of 5.80%, 10.55%, and 6.91%.

The services sector also experienced a slowdown, posting a growth rate of 3.67% in Q4 FY24, down from 4.82% in the corresponding period in FY23.

Over the first three-quarters of FY24, the sector registered growth rates of 5.07%, 5.78%, and 3.81%, which is lower than the 9.43%, 6.37%, and 1.45% growth observed during the same quarters of FY23.