The Gross Domestic Product (GDP) of Bangladesh

What Is Gross Domestic Product(GDP)?

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic product, it functions as a comprehensive scorecard of a given country’s economic health.

Source: World Bank

Definition of GDP:

The calculation of a country's GDP

encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of foreign trade (Exports are added to the value and imports are subtracted).

Of all the components that make up a country's GDP, the foreign balance of trade is especially important. The GDP of a country tends to increase when the total value of goods and services that domestic producers sell to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy. When this situation occurs, a country is said to have a trade surplus. If the opposite situation occurs–if the amount that domestic consumers spend on foreign products is greater than the total sum of what domestic producers are able to sell to foreign consumers–it is called trade deficit. In this situation, the GDP of a country tends to decrease.

 Main keywords of GDP:

• Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
• GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate.
• GDP can be calculated in three ways, using expenditures, production, or incomes. It can be adjusted for inflation and population to provide deeper insights.
• Though it has limitations, GDP is a key tool to guide policymakers, investors, and businesses in strategic decision making.

                                                 10 Years Growth Rate Of Bangladeshi GDP
                                          ( Shows The Growth Value By USD Billion)

Source: World Bank

 Yearly GDP Growth :

Serial no	Year	GDP
1	2010	115.28
2	2011	128.64
3	2012	136.36
4	2013	149.99
5	2014	172.85
6	2015	195.08
7	2016	221.42
8	2017	249.72
9	2018	274.04
10	2019	286.00
11	2020	forcast 300

The Growth Rate Of GDP:

Serial no	Year	GDP%
1	2010	5.57%
2	2011	6.46
3	2012	6.52
4	2013	6.01%
5	2014	6.06%
6	2015	6.55%
7	2016	7.1%
8	2017	7.6%
9	2018	7.9%
10	2019	8.2%
11	2020	forecast 8.5%

New year challenge :
 The expected GDP for F/Y 2020-2021 is $300.00 billion . It will be the great challenge to us. The GDP rank of Bangladesh is 39th (nominal,2019) and 30th (PPP, 2020). So it is time waiting to see how will our Govt. overcome the challenges.