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Economy of the city in Bangladesh From Wikipedia, the free encyclopedia
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 $43 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.
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]
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 10.58%[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]
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]
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.
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.
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