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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Comparative growth of service sectors in Bangladesh

Monday, July 17, 2017 > 11:48:14
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The Financial Express

The economy of Bangladesh is growing rapidly as rate of growth of gross domestic product (GDP) is more than 6.0 per cent. It is an enviable growth rate matched by very few developing countries. The service sector, also called tertiary sector, is one of the contributors to this commendable growth. The service sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include wholesale and retail trade, banks, hotels and restaurants, transport, real estate, education, health, social work, recreation, computer services, media, communications, electricity, gas and water supply, public administration and defense The other two are the primary sectors. The first one covers areas, such as farming, mining and fishing. The secondary sector which covers manufacturing and making things. Service sector provides around 25.36 per cent of our total employment. Tourism constitutes a major segment of the service sector of Bangladesh. The total output of the service sector includes the collective outputs of the wholesale and retail trade; hotel and restaurant; transport, storage and communication; financial intermediaries; real estate, renting and business activities; education; health and social work, and community, social and personal services activities. Cinema halls, cinema production houses, telefilms/drama production houses and private TV channels have been included in the service sector from FY 2004-05.

The average growth rate of service sector, industry sector, and agriculture sector are 6.17 per cent, 7.49 per cent and 3.21 per cent respectively. The growth of service sector is more than the agriculture sector but less than the industry sector. The contribution of service sector to GDP is about 49.22 per cent. Emphasis has been given to the service sector since support can be provided by quality and smooth service. The employment in service sector is also increasing day by day. Trade liberalization has opened a new horizon for service sector in Bangladesh. Most of our workers are employed in the middle-east as service providers in construction business, cleaning sector and restaurants. The huge opportunity is still there for women in housekeeping, nursing, baby-sitting jobs overseas. If they are given intensive training then these jobs can be a great source of remittance. So we have to put emphasis on service sectors, such as tourism, transportation and financial services. 

 


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