Bangladesh's gross domestic product (GDP) growth has decreased to 3.91 per cent in the April-June quarter of FY 2023-24, primarily attributed to a decline in industrial production.

This represents a significant drop, nearly halving the growth rate compared to the same period last year, which was recorded at 6.88 per cent.

Updated figures released by the Bangladesh Bureau of Statistics (BBS) on Monday revealed that industrial production rose by only 3.98 per cent during this three-month period, a sharp decline from the 10.16 per cent growth seen in the previous fiscal year.

The statistics also indicate a decline in agricultural production and service sector growth during this timeframe, though the final figures may vary slightly.

Earlier, preliminary estimates indicated a GDP growth of 5.82 per cent for the entire fiscal year, slightly above the previous year's growth of 5.78 per cent.

The agriculture sector reported a growth of 3.21 per cent, down by 0.16 per cent compared to the same quarter last year.

In contrast, the services sector showed improvement, with growth rising from 5.37 per cent in FY 2022-23 to 5.80 per cent in FY 2023-24.

Bangladesh achieved a record GDP growth of 8.15 per cent in the 2018-19 fiscal year, followed by a downturn due to the Covid-19 pandemic, which saw growth fall to 3.45 per cent in FY 2019-20.

Despite recovery in the following years, global economic pressures, including the war in Ukraine, have affected growth prospects.