Per capita annual income rises to $1044 in 2012-13

[TopCat]

1 dollar valued around 20 rupees back at 1990. So according the great economists iajduni, captain planet and sami, our GDP per capita should be 3 times less than what it was back at 1990! Does it make any sense?

GDP = private consumption + gross investment + government spending + (exports − imports)

Only thing which will be affected is import. Govt is trying to cut oil import as the rupee has fallen.

Your GDP figure in dollar term was fine in 1990 but not in 2011 because your rupee was over valued by a huge margin due to free money coming from US treasury. Now as the rupee found its due value, you need to divide your RUPEE GDP by the new conversion rate to find the accurate dollar GDP of your country. I hope it was plain english for you.

 

[eastwatch]

India gdp is around 1550 dollars and growing at 5 percent rate. Not sure how great forum economists of BD pegged it at 1100 dollars to satisfy their ego. I mean these guys will write just anything, logic and math may take a nap!

I remember last year when bd gdp was at 800 dollars, they used to claim it would double once base year is revised and exceed Indian gdp. But as usual it just touched 1000 mark and they are now falsifying Indian gdp for the ego boost!

Keep on bragging on the paper only. GDP is measured in dollar. @INR66 to a dollar your per capita GDP is only $1145. It is a mere $101 above BD.

 

[eastwatch]

When rupee price falls by around 25% still some delusional Indians are dreaming that their GDP is still the same in terms of USD .

The following sites is providing GDP and Per Capita GDP of 2012 based on Indian Rupee. Now one just needs to do a basic conversion to see what is the present GDP or per capita GDP in terms of USD...

State Domestic Product of India 2011-12 | State-Wise GDP 2012 | District GDP of India | State-wise Population 2012 | VMW Analytic Services

So mighty West Bengal's per capita GDP in INR is 55222. So with 66-67 Rupee to USD conversion rate it comes 835 USD only

Because India is now a poor country the GoI has decided to sell rice to 80 Crore poor people @ only Rs.1, Rs.2 and Rs.3. You can check the Indian section to know how pathetically Indians are crying for their downfall. With less than $1.2 trillion GDP at the present exchange rate Indians can no more boast their country as the next Suppa Pawa.

Indian currency was kept strong by borrowing dollars huge amount of dollars that also attracted many investors' dollar. Now, many foreigners are leaving and it will have to pay back more than $150 billion by May next year.

When Rupee falls further the per capita Indian GDP will become again less than $1000. So good. We will no more hear about Suppa Pawa boasting!!

 

[LaBong]

Your GDP figure in dollar term was fine in 1990 but not in 2011 because your rupee was over valued by a huge margin due to free money coming from US treasury. Now as the rupee found its due value, you need to divide your RUPEE GDP by the new conversion rate to find the accurate dollar GDP of your country. I hope it was plain english for you.

Yeah Rupee wasn't overvalued at 20 Rupees/Dollar at 1990 but at 65/dollar it's overvalued in 2013. Makes a lot of sense!

I'm sure syleti cooks of Indian hotels in England know better economics than you, but go ahead peddle the snake oil to other Bangladeshis. Why not just say bd gdp will be doubled once base year is revised to 2010. That will work as ego boost for next few years!

 

[LaBong]

Because India is now a poor country the GoI has decided to sell rice to 80 Crore poor people @ only Rs.1, Rs.2 and Rs.3. You can check the Indian section to know how pathetically Indians are crying for their downfall. With less than $1.2 trillion GDP at the present exchange rate Indians can no more boast their country as the next Suppa Pawa.

Indian currency was kept strong by borrowing dollars huge amount of dollars that also attracted many investors' dollar. Now, many foreigners are leaving and it will have to pay back more than $150 billion by May next year.

When Rupee falls further the per capita Indian GDP will become again less than $1000. So good. We will no more hear about Suppa Pawa boasting!!

Lol if wishes were horse, pigs would have been flying too!

The new governor of rbi is taking the necessary steps at recovering the rupee, instead of making it an ego issue with finance minister. Meanwhile you guys can eat your heart out.

You are dividing March 2013 GDP figure with dollar rate from August 2013.

India GDP increased from 88 Lakh crore to 101 lakh crore, an increase in the size of 15% enough to compensate the rupee fall around same figure.

Big rock! Strong head!

 

[INDIC]

@eastwatch GDP of most of the Indian States in the North India expand per annum by about 20% in rupee term, by deducting inflation it gives the single digit GDP growth. There is no need for dividing one year old GDP with current exchange rate.

 

[eastwatch]

Conversion rate has no effect on gdp, inflation has. GDP depends on export, if the rupee value has fallen it will have more advantage at export as product cost will be lesser vis a vis dollar.

But trying to make a Bangladeshi to understand it is like talking to a stone.

You better understand that a country's GDP is first calculated in the local currency. Then it is divided by the average value of this currency against the dollar during the year under consideration. So, you get the GDP in terms of dollar.

What is there very special that only the Indians can understand, but not the Bangladeshis? Do not come and falsify the economic terms and their universal definition, please!!!

 

[LaBong]

You better understand that a country's GDP is first calculated in the local currency. Then it is divided by the average value of this currency against the dollar during the year under consideration. So, you get the GDP in terms of dollar.

What is there very special that only the Indians can understand, but not the Bangladeshis? Do not come and falsify the economic terms and their universal definition, please!!!

You better understand that GDP is adjusted to inflation and when GOI and Goldman Sach said GDP will be increased by 5% it takes account of increased conversion rate of dollar to rupee. In fact Goldman Sach pegged the dollar as 72 rupees when projecting GDP growth as 4.5%. If the Rupee was still at 50 per dollar we would have been growing by 8% instead of 4.5.

 

[Ayush]

good going..

 

[PlanetSoldier]

Yes, probably by the beginning of next year or before. India has a serious current account deficit in international trade. It has to pay more than $150 billion to the international lenders by May next year. Indian GDP is rising below 5%. All these have pushed down the INR value. It reached 67 only last week, but the State Bank of India intervened.

After a few weeks it will go down again. This is the result of eating GHEE by borrowing money from foreigners. I only hope BDT does not go too strong. Even 78 is too strong.

Any way, India's $1.8 trillion has been reduced to a mere $1.4 trillion.

I'm fearing this, within very short it came to far stronger position. Though I don't understand well about appreciation/depreciation of currency, I doubt there's a fabrication by BAL...before election probably they're showing some sort of stunts. I read that all the exporters are urging govt. to depreciate taka a bit otherwise they're gonna face difficulty with their products in intl. market. Excluding the NRBs pain for now .

 

[eastwatch]

I'm fearing this, within very short it came to far stronger position. Though I don't understand well about appreciation/depreciation of currency, I doubt there's a fabrication by BAL...before election probably they're showing some sort of stunts. I read that all the exporters are urging govt. to depreciate taka a bit otherwise they're gonna face difficulty with their products in intl. market. Excluding the NRBs pain for now .

For an export oriented country like Bd with small GDP a weak currency is better. I do not think it is a govt manipulation to make Taka stronger. It does not help exports and it does not help the election for the ruling party. In case of BD, Taka appreciated because there is a current account surplus in international trade. We have exported more than we have imported.

Govt alone cannot get rid of unused stack of dollars. But, the industries are less inclined to expand factories in an election year. This has created a glut of dollars and a problem for the govt. Taka may appreciate further if the govt does not import more machines, raw materials and fuel.

 

[PlanetSoldier]

You sure about that??I thought any and all production and services count as GDP.

Nothing can hurt indian GDP you know they are dynamic....they'll add rat as a new food item, selling children as a new business, all these add to GDP....no ?

 

[Indian Gurkha]

Nothing can hurt indian GDP you know they are dynamic....they'll add rat as a new food item, selling children as a new business, all these add to GDP....no ?

Okay Lungi clad Bangladeshis..time for serious Economic lessons...
Indian GDP in April 2012 =1.824 trillion dollars
Rupee value in 2012 against dollar = 55.86
GDP growth rate in 2012-13= 5 %
Total GDP at present = 1.05*1.824= 1.9152 trillions
Rupee rate today=66 to a dollar
Depreciation from last years value= 1-55.86/66= 15.3%
Therefore GDP value today in dollar terms= 1.6 trillions

and this GDP value is based on 2004 as the base year.
If the base year is taken as 2012 (like Bangladesh)expect GDP to be revised by minimum 10%
So GDP figure today = 1.6*1.1=1.76
So our per capita GDP remains almost the same which is around 1500 dollars

Whoa that must be lot of economics and mathematics to that Madrassa educated brain.

Chill!!! Use that multipurpose lungi to cool ur head Bangals!!!!

 

[Jako]

Okay Lungi clad Bangladeshis..time for serious Economic lessons...
Indian GDP in April 2012 =1.824 trillion dollars
Rupee value in 2012 against dollar = 55.86
GDP growth rate in 2012-13= 5 %
Total GDP at present = 1.05*1.824= 1.9152 trillions
Rupee rate today=66 to a dollar
Depreciation from last years value= 1-55.86/66= 15.3%
Therefore GDP value today in dollar terms= 1.6 trillions

and this GDP value is based on 2004 as the base year.
If the base year is taken as 2012 (like Bangladesh)expect GDP to be revised by minimum 10%
So GDP figure today = 1.6*1.1=1.76
So our per capita GDP remains almost the same which is around 1500 dollars

Whoa that must be lot of economics and mathematics to that Madrassa educated brain.

Chill!!! Use that multipurpose lungi to cool ur head Bangals!!!!

That is without accounting for inflation which again adds to the GDP.

 

[eastwatch]

Every body, please note that the final GDP figure for last fiscal year is $153.58 billion, and not $151 billion. It is time to celebrate.

GDP swells, per capita income crosses $1,000 - Statistical agency starts calculations using 2005-06 as new base year

Published: Thursday, September 5, 2013
GDP swells, per capita income crosses $1,000
Statistical agency starts calculations using 2005-06 as new base year
Sohel Parvez

The size of the economy, its growth rate and per capita income have increased in Bangladesh Bureau of Statistics’ new estimates using 2005-06 as the base year.

Under the new base year, fiscal 2012-13′s gross domestic product (GDP) in current prices stood at $153.58 billion, whereas it came to $134.17 billion using the existing 1995-96.

The new estimate also shows an increase in fiscal 2012-13′s growth rate: the economy grew by 6.18 percent in constant prices as opposed to 6.03 percent under the existing base year of 1995-96.

Per capita income, which stands at $923 in the existing base year, rose to $1,044 in the new estimate. In addition, the new base year shows a reduced gap in savings and investment in the economy.

The estimates were presented yesterday at a meeting attended by Finance Minister AMA Muhith, Planning Minister AK Khandker Food Minister Muhammad Abdur Razzaque, and Fisheries and Livestock Minister Abdul Latif Biswas.

Economist Wahiduddin Mahmud, who heads a technical committee for revision and rebasing of GDP calculation year, was also present at the meeting held at the BBS headquarters.

“Usually, the GDP size increases under the new base year because of the addition of new elements in the economy. So, this change is nothing significant or unusual,” Muhith said after the meeting.
BBS said the calculation of GDP under the new base year will help reflect a more accurate picture of the economy as many new sectors have emerged since 1995-96.

The statistical agency, which last rebased in 2000, has got the nod of the technical committee and is now awaiting the green light from the government to start computing GDP using the 2005-06 base year, a senior official of the agency said, seeking to remain unnamed.

Under the latest base year, 24 new crops have been added to the basket of 100 to calculate the contribution of the agricultural sector. The new additions include green banana, green papaya, green coconut, soybean, cucumber, hog plum, red amaranth, bottle gourd, olive, ripe palm, marigold, rose and tuberose.

The contributions of Bangladesh Forest Industries Development Corporation and Bangladesh Fisheries Development Corporation such as fish fry and dried fish have been included in the agriculture sector in the new base year.

BBS says the inclusions will boost the gross value addition (GVA) of agriculture by 9 percent.
In the industrial sector, gas refining activities by state-run Petrobangla and data of survey of manufacturing industries (SMI) has been included in the new base year.

Private power plants along with Power Grid Company of Bangladesh have been added to compute GVA of the power sector. In construction sector, brick, wood and fixtures and fittings have been added with the existing cement and rod in the new 2005-06 base year.

Overall, the GVA in the industrial sector will increase 5 percent after the inclusion, according to BBS.

The GDP of services sector, too, is set to increase, by 16 percent, under the new base year. BBS has included motor vehicles repairing, activities of Trading Corporation of Bangladesh.

The economic contributions of the private airlines, clearing and forwarding and travel agents, internet service providers and cable operators would also be accounted in the new base year.

Zaid Bakht, research director of Bangladesh Institute of Development Studies (BIDS), said the rise in per capita income signifies an increase in purchasing capacity of people and the improvement of their living conditions.

Per capita income has gone up, thanks to the healthy flow of remittances sent home by Bangladeshi nationals working abroad and the effective role of microcredit organisations and the slowing population growth, Bakht told BBC Radio.

The new figure is the culmination of the development and improvement on several indicators in the last several years, not just a jump of a single year, he said.

The economist said the rise in per capita income manifests the real rise in the people’s purchasing power.

Calculating the per capita income, the new base year of 2005-06 has taken into account many economic activities and service sectors which were not reflected in the calculation in the old base year of 1995-96, Bakht said.