Macroeconomic indicators higher in FY16: Report

The annual report of the Cabinet Division relating to the activities of the various ministries and divisions for FY16 shows that macroeconomic indicators is doing better in this fiscal than of the previous fiscal.

The report was submitted before the Cabinet meeting on Monday at the Bangladesh Secretariat, reports agencies.

The macroeconomic indicators are per capita income, foreign currency reserve, import and export, foreign direct investment as well as revenue collection target.

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.

However, the per capita income reached $1465 last fiscal 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 per cent last fiscal year, but the BBS final estimation showed that the GDP growth hit 7.11 per cent last fiscal year.

Poverty rate has been reduced to 23.50 per cent in the last fiscal year while the rate of extreme poverty to 12.10 per cent.

The export earnings experienced a 9.77 per cent growth in the last fiscal year totalling $ 34,257.18 million due to products diversification, practical-oriented steps of the government, providing stimulus package and above all relentless efforts from the exporters.

The overall revenue collection of Tk 1.72 trillion in FY16 is 19.01 per cent higher than in the previous year.

Some 6,84,537 workers went abroad in the last fiscal which is 48.19 per cent higher than FY15.

The foreign currency reserve also rose to $ 30.17 billion in FY16 which is 20.55 per cent higher than the previous fiscal.

Out of the revised ADP allocation of Tk 938.23 billion in the last fiscal year, the executing agencies could spend around 93 per cent of the allocation totalling Tk 869.67 billion which is also Tk 91.31 billion higher than the FY15.

Out of the 277 development projects kept for completion, 245 projects were completed in FY16.

In FY16, the real production of rice, wheat, maize, potatoes, onion, jute, vegetables, cotton, jute-made goods, salt, fisheries, meat, milk, eggs, fertiliser (urea), gas, coal and tea has been increased compared to 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 some 31,000 kilometre transmission line and some 198 circuit kilometre transmission line have been built.

As a result, the power generation capacity has been increased by 15.59 per cent in the FY16 compared to the previous fiscal year while the loadshedding has been reduced by 32 per cent.

Power distribution and transmission system loss has been reduced to 13.10 per cent from 13.55 per cent.