Overall consumption spending in the country increased by 9.56 per cent in the last fiscal year (FY20), according to the provisional estimate of Bangladesh Bureau of Statistics (BBS).
The growth rate of consumption is slightly lower than the rate in FY19 when it was registered 9.77 per cent of growth.
As the deadly coronavirus took heavy toll on the country’s economic activities in the last quarter (April-June) of FY20, it also slowed down overall consumption.
Nevertheless, BBS estimate indicated that last quarter sluggishness affected the overall consumption little as the total spending reached Tk 20.86 trillion in FY20 against Tk 19.06 trillion in FY19.
The BBS data also showed that private consumption is around 92.0 per cent of the total consumption while the rest 8.0 per cent is public.
The estimated value of private consumption crossed Tk 19 trillion in the past fiscal year which was around Tk 17.50 trillion in FY19.
The recorded value of public consumption was Tk 1.75 trillion in FY20, an increase of 9.45 per cent from Tk 1.59 trillion in FY19.
Total consumption in terms of Gross Domestic Product (GDP) declined slightly to 74.69 per cent in the last fiscal year from 74.98 per cent in FY19, according to the provisional estimation of the national statistical agency.
The Seventh Five-Year Plan (7FYP) earlier projected to bring down overall consumption to 73.50 per cent in FY20.