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Bangladesh Economy 1996

Overview:

Despite sustained domestic and international efforts to improve economic and demographic prospects, Bangladesh remains one of the world's poorest, most densely populated, and least developed nations. Its economy is overwhelmingly agricultural, with the cultivation of rice the single most important activity in the economy. Major impediments to growth include frequent cyclones and floods, the inefficiency of state-owned enterprises, a rapidly growing labor force that cannot be absorbed by agriculture, delays in exploiting energy resources (natural gas), and inadequate power supplies. Excellent rice crops and expansion of the export garment industry led to real growth of 4% in 1992 and again in 1993. Policy measures intended to reduce government regulation of private industry, to curb population growth, and to expand employment opportunities have had only partial success given the serious nature of Bangladesh's basic problems.

National product:

GDP - purchasing power parity - $130.1 billion (1994 est.)

National product real growth rate:

4.5% (1994 est.)

National product per capita:

$1,040 (1994 est.)

Inflation rate (consumer prices):

4.3% (1992 est.)

Unemployment rate:

NA%

Budget:

revenues:

$2.8 billion

expenditures:

$4.1 billion, including capital expenditures of $1.8 billion (FY92/93)

Exports:

$2.38 billion (1993)

commodities:

garments, jute and jute goods, leather, shrimp

partners:

US 33%, Western Europe 39% (Germany 8.4%, Italy 6%) (FY91/92 est.)

Imports:

$3.99 billion (1993)

commodities:

capital goods, petroleum, food, textiles

partners:

Hong Kong 7.5%, Singapore 7.4%, China 7.4%, Japan 7.1% (FY91/92 est.)

External debt:

$13.5 billion (June 1993)

Industrial production:

growth rate 6.9% (FY92/93 est.); accounts for 9.4% of GDP

Electricity:

capacity:

2,740,000 kW

production:

9.2 billion kWh

consumption per capita:

70 kWh (1993)

Industries:

jute manufacturing, cotton textiles, food processing, steel, fertilizer

Agriculture:

accounts for 33% of GDP, 65% of employment, and one-fifth of exports; world's largest exporter of jute; commercial products - jute, rice, wheat, tea, sugarcane, potatoes, beef, milk, poultry; shortages include wheat, vegetable oils, cotton

Illicit drugs:

transit country for illegal drugs produced in neighboring countries

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $3.4 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1980-89), $11.65 million; OPEC bilateral aid (1979-89), $6.52 million; Communist countries (1970-89), $1.5 billion

Currency:

1 taka (Tk) = 100 poiska

Exchange rates:

taka (Tk) per US$1 - 40.250 (January 1995), 40.212 (1994), 39.567 (1993), 38.951 (1992), 36.596 (1991), 34.569 (1990)

Fiscal year:

1 July - 30 June

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