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Major macroeconomic indicators look better this time: Report

WT24 Desk

The country’s major macroeconomic indicators like per capita income, foreign currency reserve, import and export, foreign direct investment are showing a higher trend alongside exceeding the revenue collection target this fiscal year (2015-16) compared to the previous fiscal year (2014-15),UNB reports.

This was revealed in the annual report of the Cabinet Division relating to the activities of the various Ministries and Divisions for the fiscal year (2015-16) submitted before the Cabinet meeting on Monday. Prime Minister Sheikh Hasina presided over the meeting held at Bangladesh Secretariat.

Briefing reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said the per capita income has risen to $ 1466 in the FY16, up from $1316 in FY15. The per capital income, however, reached $1465 last fiscal year as per the final estimation of the Bangladesh Bureau of Statistics (BBS).

The Cabinet Division report showed that the GDP growth rose to 7.05 percent last fiscal year, but the BBS final estimation showed that the GDP growth hit 7.11 percent last fiscal year.

The poverty rate came down to 23.50 percent last fiscal year and the rate of extreme poverty to 12.10 percent, while the GDP growth during this period witnessed an increasing trend alongside falling social disparity.

The export earnings witnessed a 9.77 percent growth last fiscal year totalling $ 34,257.18 million due to products diversification, practical-oriented steps of the government, stimulus package and relentless efforts of exporters.

The overall revenue collection witnessed a 19.01 percent growth in FY16 with Tk 1,71,385 crore, with some 6,84,537 workers going abroad during the last fiscal year which is 48.19 percent higher than the previous year. The foreign currency reserve also rose to $ 30.17 billion till June of the last fiscal year, up 20.55 percent than the previous fiscal year.

Out of the revised ADP allocation of Tk 93,823 crore during the last fiscal year, the executing agencies could spend around 93 percent of the allocation totalling Tk 86,967 crore which is also Tk 9,131 crore higher than the FY15. Out of the 277 development projects kept for completion, some 245 projects were completed during the last fiscal year.

During the last fiscal year, the real production of rice, wheat, maize, potatoes, onion, jute, vegetables, cotton, jute-made goods, salt, fisheries, meat, milk, eggs, fertilizer (urea), gas, coal and tea increased compared to the FY15.

In the power and the energy sector, both the highest power demand and generation increased by 1,219 MW in the last fiscal year compared to the previous fiscal year while a 31,000-kilometer transmission line and 198 circuit-kilometer transmission line were built during the period.

As a result, the power generation capacity has increased by 15.59 percent in the FY16 compared to the previous fiscal year while the load shedding fell by 32 percent, while power distribution and transmission system loss to 13.10 percent from 13.55 percent.

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