Bangladesh’s economy saw a growth rate of 6.07% in the first quarter of the current fiscal year, marking the first time the government has disclosed quarterly GDP figures.

The Bangladesh Bureau of Statistics (BBS) revealed this data as part of the conditions set by the International Monetary Fund’s $4.7 billion loan program.

However, this growth represents a decline of 2.69% points compared to the same period last fiscal year, which recorded an 8.76% growth. In the first quarter of 2021-22, growth stood at 5.16%.

During July-September, the agriculture sector experienced a growth of 0.84%, down from 2.07% in the previous fiscal year.

Meanwhile, the service sector’s growth dropped significantly to 3.96% from 12.87%, while the industrial sector saw an increase to 9.67% from 7.17%.

Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, attributed the slowdown in growth to the country’s macroeconomic challenges, including a persistent dollar crisis and high inflation.

He highlighted seasonal factors contributing to the agricultural sector’s slowdown, such as reduced production of staple crops like Aman paddy, potatoes, onions, and other vegetables, leading to supply shortages.

The economy had grown by 6.03% in the previous financial year.