Bangladesh's per capita income jumps 23.24% in 5 years

Per capita income of Bangladesh has jumped by $643 to $2,765 in the last five years (2019-2023), the latest data of Bangladesh Bureau of Statistics (BBS) shows.

It was $2,122 in 2019, while it was only $91 in 1972, shortly after independence in 1971.

Data analysis also found that per capita income increased exponentially from 2009 to 2023, nearly increasing fivefold from $686 in 2009 to $2,793 in 2023.

Considering the per capita income on purchasing power parity (PPP), it also multiplied by five times in 2023 to $8,779.

According to the BBS data, from 1991 to 1996, per capita income increased by $104 from $283 to $387. Then from 1997 to 2001 per capita income increased from $395 to $410 to only $15.

It later reached $503 in 2006 from $407 in 2002.

Especially in the last five years’ per capita income jumped $643 from 2019 to see a 23.25% growth.

Planning Minister MA Mannan told media that the main reason for the increase in per capita income during the Awami League government is the contribution of the country's hardworking people in various sectors, including expatriate income and from the export income from the ready-made garment sector.

The farmers of the country are now managing their agriculture through modern technology and machinery. As a result, crop yields are increasing, in turn increasing their income. Remittances from the expatriate Bangladeshis are also contributing to the economy, he added.

What is per capita income and per capita GDP
Per capita GDP is calculated by dividing the total quantity of products and services produced in a country equally among its citizens.

This income excludes revenue earned outside the country, including expatriate earnings.

When expatriate income and money earned outside of the country are combined together, it is referred to as per capita income rather than per capita GDP.

According to the Bangladesh Bureau of Statistics (BBS), 96% of Bangladesh's average per capita income is generated within the country.

In a decade, Bangladesh's per capita income has more than doubled. Bangladesh's per capita income is presently $2,765, according to the most recent calculations. Over the last decade, Bangladesh has experienced the greatest growth in per capita income among South Asian countries.