Economy of Chittagong explained

Country:Chittagong city
Gdp:
  • $43 billion (Nominal GDP, 2022)
    $116 billion (PPP[1] [2]
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The Economy of Chittagong is reflected in its gross state product of $116 billion in purchasing power parity (2022) terms ranking, second in size only behind Dhaka in Bangladesh. The nominal gross domestic product of Chittagong metropolitan city is $25.5 billion.[2] Chittagong metropolitan City is the second largest metropolitan city in Bangladesh. Chittagong is the export hub of Bangladesh, accounting for more than $38 billion in exports. Chittagong is the commercial hub of country.Chittagong is also home to the busiest port in the country.

History

See main article: History of Chittagong. The excavation of Neolithic fossils and tools in Sitakunda, Chittagong District, indicates the presence of Stone Age settlements in the region as early as the third millennium BCE.[3] The earliest historical records of the Port of Chittagong date back to the 4th century BC, when sailors from the area embarked on voyages to Southeast Asia. The 2nd century Graeco-Roman geographer Ptolemy mentioned the port on his map as one of the finest harbours in Asia and the eastern frontier of the Indian subcontinent.[4] The 7th century travelling Chinese scholar and poet Xuanzang described it as "a sleeping beauty emerging from mists and water".[5] [6]

GDP

A substantial share of Bangladesh's national GDP is attributed to Chittagong. The City generated approximately $43 billion in nominal (2022)[7] and US$116 billion in PPP terms,[8] contributing around 19.5%[7] of the nation's economy. Chittagong holds the status of being the second largest economy in Bangladesh, only behind Dhaka Division. The economy of Chittagong is largely based on textile and garment industry. Chittagong Division consists of eleven districts, including Chittagong District and Cumilla District. A substantial chunk of Chittagong Division's GDP is attributed to Chittagong city (contributing around 12% of Bangladesh's GDP).[9]

Shipbuilding industry

Since 2008, the shipbuilding industry has expanded in Chittagong. Companies such as Western Marine Shipyard have exported ships to Denmark, the Netherlands, New Zealand, Germany, Kenya and India. As of 2012, The shipbuilding industries in Chittagong generates approximately US$400 million annually, as the sector targets US$4 billion in export from shipbuilding industry by 2020.[10] [11]

Chittagong Stock Exchange

CSE is one of two stock exchanges in Bangladesh, with market capitalisation of US$30 billion. The stock exchange was established in 1995. The market currently holds 250 listings, and one of the top performing stock exchange in Asia.

Multinational companies

Chittagong is home of regional headquarters of many re known international companies including Glaxo Smith Kline, Reckitt Benckiser, Unilever, James Finlay PLC, BOC Bangladesh Ltd., GEC Bangladesh Ltd., Coats Thread, Berger, KAFCO, and Duncan.

Companies based in Chittagong

Notes and References

  1. Web site: bn:চট্টগ্রাম বিভাগ . http://www.chittagongdiv.gov.bd/site/page/98080c0b-2144-11e7-8f57-286ed488c766/%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%AC%E0%A6%B8%E0%A6%BE%20%E0%A6%AC%E0%A6%BE%E0%A6%A3%E0%A6%BF%E0%A6%9C%E0%A7%8D%E0%A6%AF . Chittagong Division . 3 July 2020 . en.
  2. Web site: Economics Landscape of Chittagong . . 16 October 2019.
  3. Web site: Bangladesh towards 21st century. google.co.uk. 1994.
  4. http://www.newagebd.com/detail.php?date=2012-04-01&nid=5747#.UiRliV18uo8 Chittagong – looking for a betterfuture
  5. Book: Ring . Trudy . Watson . Noelle . Schellinger . Paul . 12 November 2012 . Asia and Oceania: International Dictionary of Historic Places . . 344– . 978-1-136-63979-1.
  6. News: Past of Ctg holds hope for economy . The Daily Star . 29 August 2013 . dead . https://web.archive.org/web/20140413130155/http://archive.thedailystar.net/newDesign/news-details.php?nid=226742 . 13 April 2014 .
  7. Web site: Economics Landscape of Chittagong . . chittagongchamber.com . 16 October 2019.
  8. Web site: GDP (nominal) vs GDP (PPP). 1 July 2018. 4 August 2016. statisticstimes.com.
  9. Web site: Economics Landscape of Chittagong. The Chittagong Chamber and Commerce Industry. www.chittagongchamber.com. 23 January 2016.
  10. News: Ethirajan . Anbarasan . Bangladesh shipbuilding goes for export growth . BBC News . 23 January 2016.
  11. Web site: Yee . Amy . Bangladesh's Chance to Get It Right . New York Times . Blog . 23 January 2016.