The Role of Service Industry in the Economic Development

question diary of pay and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. org The Comparative harvest-tide of expediency orbits in Bangladesh Mohammad Shahidul Islam1, Md. Musa2, Rajib Kanti Das3 1. jockstrap Professor, naturalize of caper, University of Information engineering and Sciences, 40/1 Jakir Hossain Road, Khulshi, Chittagong, Bangladesh Tel 88-01190-955692 E-mailemailprotected com 2. Lecturer, School of Business, University of Information Technology and Sciences, 40/1 Jakir Hossain Road, Khulshi , Chittagong, Bangladesh,Tel 88-01819-619269 .E-mail emailprotected com 3. Assistant Professor, Faculty of Business Administration, BGC Trust University Bangladesh * E-mail of the corresponding author emailprotected com Abstract The preservation of Bangladesh is class into three benas. Of these, the clean role of renovation sphere of influence, persistence sphere, land sphere to the gross domestic product are 49. 33%, 2 8. 42% and 22. 42% respectively. So, the emolument sectors run most of the victimisation of issue economy.The investigate aims are to analyze the relative constituent of aid sector with early(a) sectors, the stupor of job repose of divine assistant sector and to provide the recommendations for development of proceeds sector. It is interpreted a sample of ten historic period data of gross domestic product from 2000-01 to 2009-10 for analyzing the comparison of military value of process sector with different sectors ( sedulousness and horticulture). The come out festering assesss between military process sectors and labor sectors or land sector or heart gross domestic product are analyzed witht test. The average emergence aim of expediency sector, inudsty sector, and cultivation sector are 6. 17%, 7. 49%, 3. 21% respectively.The exploitation of assistance sector is to a greater cessation than the agriculture sector just little than the industry s ector (result oft test). The account also reveals that full allot shortfall of good is increasing everyplace the year. The average practice session of Agriculture, persistence, ope position to gist engagement are 58. 89%, 12. 39% and 25. 36% respectively. The paper underscores for the development of touristry sector, Software, Transportation and fiscal srvice, Education with note, etc. Keywords GDP, wait on, Agriculture, fabrication 1. Introduction The Economy of Bangladesh is evolution one. It is basalally divided into three basic sectors viz. relapses, Agriculture and Industry. Among the stinting Sectors in Bangladesh, renovation sector is most important. The character of service sector to the GDP is nearly 50% (Bangladesh stinting Review-2010). So, serve sectors influence the development of national economy. There is a latent contract for service in Bangladesh. To specify the need of service for huge people of Bangladesh, such sectors are to be opened f or private entrepreneurs with required control. The extensive contribution of service sector and an increasing trend therein confuse played an important role in high harvest of GDP.The analysis of last few years data gives a clear intellection on the phenomenon. The contribution of the industry sector to the economy of Bangladesh has been increasing twenty-four hourstime by day. For the purpose of national income accounting, Bangladesh Bureau of Statistics (BBS) divides the economy into fifteen sectors (Bangladesh Economic Review-2010, Ministry of pay). 2. Problem statement From the harvest-festival of overall size of Economy, it is difficult to see the significance of specific sector. Proper nurturing of squarely contributory sector, the growth of Economy may be resisted.Previously there was no digression between ope send and Products. armed service concept is the modern issue in the cosmos. The most of the occupancy is related to services. Even the product itself pr ovides the service to the customers. So the services are the vital issue now. The economic sectors classified by Bangladesh Government are Hotel and Restaurant, Retail trade and onlysale trade, Transportation and colloquy, Real state and renting, pecuniary Institution, Public Administration and Defense, Education, wellness and affable service, Community and individualised serve are included under Service Sectors.So they occupy a study share of substance economics sectors. As a result, importance of service is square. For Economic development we always think regarding industry and agriculture sectors preferably service sectors. But major sector in the economy is service sector. In the modern world, service is required in every form of life. People expect let out service. Our public sectors 178 look for Journal of pay and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. org including public enterprises are largest sectors in the ec onomy. But these sectors are losing concern.The public sector is unable to provide competitive service. So, people go to private sectors such as financial institutions, transportation, hospitals, directional institutions, and communicating media for better service. But the growth range of service sectors is either below anticipate level or not as per its importance in the economy. From this look into the problems of service sectors are identified. For increasing the living standard of the people the service concept has come to lime light. Service marketing and service trouble will get the importance to develop the service sectors in Bangladesh.The research aims are to analyze the proportional contribution of service sector with other sectors, the impact of trade liberalization of service sector and to provide the recommendations for development of service sector. 3. Objectives of the Study Some specific objectives are set for this research. The oral sex objective of this stud y is to evaluate the proportional position of service sector. To fill this basic objective, following specific objectives are set i. To conduct the comparative analysis of service sector with Agriculture and Industry sectors. ii..To analyze the impact of Liberalization on Service sectors iii. To provide the recommendations for development of Service sector. 4. methodology This research has utilize mostly secondary data consent been used for analysis. Data have been collected from Bangladesh Economic Survey, Bangladesh Bureau of Statistics, Bangladesh Bank, humans Bank, and profit web sites, Books, Newspapers, Magazines and Journals. We have used required data for ten years from 2000-01 to 2009-10 for analyzing the contribution of economic sectors, growth localise of each sectors viz. service, industry and agriculture.Data of service exporting and import from 2004-05 to 2009-10 (five years) and the data of employment contribution for 9 years have been explained. 4. 1 Analysis of data The data have been analyzed using graph, chart and some other simple statistical tools. The growth rate of service sectors (trend) is shown by graphical presentation. The get contribution of service sectors and sector perspicacious share of major sectors are shown graphically. The average growth rates between service sectors and industry sectors or agriculture sector or total GDP have been compared by assimilatorst test. 4. 2 Hypothesis test 4. 2. H 0 1 = 2 (There is no important difference between the growth rate of service sectors and industry sectors. ) 4. 2. 2 H 0 1 = 2 (There is no significant difference between the growth rate of service sectors and agriculture sectors) 4. 2. 3. H 0 1 = 2 (There is no significant difference between the growth rate of service sectors and the growth rate of total GDP) 5. Analysis and Results 5. 1. The plowshare of Service Sector pip all the sectors, service sector is prominent one. Service sector has the growing potential to be driver of sustainable economic growth and significant poverty alleviation in Bangladesh.Service sector in Bangladesh is the largest sector. From the put back 2(a), it is detect that the contribution of the service sector is average 49. 33%. It is steady over the period. The contribution of service sectors are 48. 77% in 2000-01 and 49. 90% in 2009-10. Figure-1 demonstrates contribution of different sectors in GDP. The groth rate of srvice sector is steady. The average growth is 6. 17%. The growth rates are 5. 43% ,6. 40%, and 6. 59% in 2001-02, 2005-06, 2009-10 respectively. 5. 2. Growth of Sub-sectors of Service Sector Growth rate of service sector is consistnent and contineous.From the submit 1(b), it is shown that the four sub sectors (i) alternate (ii) Transport, storage and communication (iii) Realstate renting and other Business activities (iv) Community, social and personal services sacrifice more in GDP which are 14. 06%, 10. 07%, 7. 98%, 7. 39% 179 Research Journa l of pay and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. org respectively. But The growth rate is more for the Education, Banking, Public administration, Transportation which are 8. 42%,8. 13%, 7. 88% ,7. 48% respectively. 5. 3.Comparative Analysis of Service Sector with Agriculture and Industry Sector From the comparative presentation of the sectors, it is found that service sector is sustaiable in damage of growth and contribution to toal GDP. From the tabular array 2(a), 2(b) and figure -2, it is shown that the average contribution of service sector, industry and agriculute sectors are 49. 33%, 28. 42%, 22. 25% respectively. So, the service sector is the half of total sector of economy. The growth rate of service sector, inudsty sector,and agriculture secture are 6. 17%, 7. 49%, 3. 21% respectively.Here, from the figure-2, it is seen that the contribution of service sector is steady. The contribution of industry sector is increasing w ith the reducing trend of agriculture sector. Here, aparently it is seen that the average growth rate of service sector is more the agriculture sectors and the total GDP growth and the average gorwth rate of industry sector is slightly more than the service sector. Now we shall statistically test whether the average growth rate of service sector is more than the agriculture sectors and total GDP growth and whther there is significant difference of growth rate between service sectors and industry sector. . Hypothesis test Since in the wedded data variances of population are unknown and the sample size is broken we have used t-test from the table -6. The result of hypothesis test is in table 3. 6. 1. H 0 1 = 2 (There is no significant difference between the growth rate of service sectors and industry sectors. ) Table 3 meeted Samples Test Details 95% Paired Std. Std. dominance Differences Deviation Error Interval of the Mean Mean Difference trim down Upper 1. 1152 . 3717 -2. 17 83 -. 4639 t df Sig. (2tailed) Pair 1 Growth rate of Service sector Growth rate of Industry sector -1. 211 Growth rate of Service sector Growth rate of Agriculture sector Growth rate of Service sector Growth rate of keep down GDP sector 8 3. 554 .007 Pair 2 2. 7722 1. 2957 . 4319 1. 7763 3. 76826. 419 8 . 4806 . 1602 7. 3847E- . 6650 1. 845 8 02 .000 Pair 3 .2956 .102 Source Compiled by authors through SPSS The table quantify is -2. 306 So, the measured value (-3. 554) is outdoors the critical region. So, the alternative hypothesis is accepted. There is significant difference between the growth rate of service sector and industry sector.The growth rate of industry is more than that of service sector. 6. 2. H 0 1 = 2 (There is no significant difference between the growth rate of service sectors and agriculture sectors) The table value is 2. 306. The calculated value(6. 1. 77) is outside the critical region. So, the growth of service sector is more than the growth of agricult ure sector. 6. 3. H 0 1 = 2 (There is no significant difference between the growth rate of service sectors and total GDP) The table value is 2. 3306. The calculated value (t=1. 84) is inside the critical region. So, the null hypothesis is accepted.though the average growth rate of service sector is more than the growth rate of total GDP, but there is no difference with t test. clxxx Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 7. cope of service and Trade liberization www. iiste. org Trade liberlization has opened a new horizon for service exports. Service export is the amount which is paid by the unconnected national for using the service of Bangladesh. Service import is the amount which is paid by the Bangladeshi national for using the service of other countries. GATS was formed to forefend the trade barriers.Here we shall see the impact of trade liberization on the service sectors of Bangladesh. From the table 4 , the figure-3 is drawn. It is found from the figure -3 that the import of service average Tk. 199368 million is more than the export of service average Tk. 112214. 5 million. The total trade deficit is increasing over the year. The average rate of growth of service export is more than service import which are 16. 16% and 15. 89% respectively. This is a good symptom for Bangladesh. 8. participation opportunity in Service sector Service sector has created a great scope for employment.Bangladesh is a roil intensive country. Population is an important resource of Bangladesh. From the table 5 (data is taken from world Bank data bank) the figure-4 is drawn and it is shown that average employment of Agriculture, Industry, Service to toal employment are 58. 89%, 12. 39 5and 25. 36% respectively. But employment of service sector is increasing. The employment of industry sector is increasing but agriculure sector is decreasing. 9. Recommendations for Service Sectors After analysis, it can be said that the contribution of service sector is about 49. 22% and the growth rate of service sector is 6. 75%. The contribution is about half of the total economic sectors and the growth rate is more than the average growth of GDP. Emphasis is given on the service sector for development. Since the industry sector is growing promptly (7. 49%), support can be given by providing the quality and smooth service. The employment in service sector is increasing day by day. So, there is dish up of opportunity for employment in this sector. Though there is negative Trade Balance of service of Bangladesh, the growth rate of srvice export is more than that of import. It is a good symptom for us.So we have to emphasize the service export such as tourism, Software, Transportation and Financial srvice etc. The prospects of some promising service sectors are pointed out below. 9. 1. Development of tourism Tourism is one of the most promising sectors for Bangladesh with her huge natural beauty , undismayed historical background and archeological resources (Das & Chakroborty 2012). Bangladesh is a country of natural beauty. She has cluster of tourism places. These places are of different interest like beaches, historical places, archaeological sites, religious palaces, forest and jungle etc. . 2. Development of Software and IT With the passing of time, the globe is being changed from analogue to automation. During last few years Bangladesh showed wide success in Software and IT Sector which can enlarge the extent of her service market (BASIS 2010). The current size of Bangladesh IT Industry and software/ITES industry is still smaller compared to the overall economy and the number of population (over one hundred fifty million). Over the last few years the industry has been grown good and is expected to grow at that rate for some time. 9. 3.Information Communication Technology (ICT) With the hope of great development, the govrnment of people republic of Bangladesh intro duced National Information and Communication Technology (ICT) Policy in October 2002. This policy document guides the development of a country-wide ICT-infrastructure for human resources development, governance, e-commerce, banking, public utility services and all sorts of on-line ICT-enabled services by 2006. 9. 4. Improvement in Transportation Transportation is an important sub-sector of total service sector. It includes different type of transport for example pathway transport, waterways, railways, and airlines.Of these, road transport is mostly used means of transport. Road transport in Bangladesh is a private sector affair operating predominantly in domestic routes. 181 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. org judge are among the cheapest in the world. Express and non stop services are available. wide-cut Highways is 204,022 km of which paved is 25,095 km and unpaved is 178,927 km (1996 est. ) (bangla2000. com). 9. 5. Quality Financial service Financial service is another important part of total service sector in Bangladesh.It is a promising sub sector which consists of the Bangladesh Bank (the central bank), four nationalized commercial banks (NCBs), 5 stateowned specialized banks (SBs), more than 30 private sector commercial banks (PCBs) and more than 9 foreign commercial banks (PCBs). The rest of the financial sector consists of more than 29 non-bank financial institutions, the capital market, 3 general and 17 life insurance companies, the accommodating banks and the microfinance institutions. 9. 6. Development of Education sector For increasing of people and literacy rate, the shoot of high education is increasing.The technical institution, Business education, health education create the demand to the people. The development of government and private universities is the indicator of growing demand of education sector. 10. Concluding Remarks The contribution of ser vice sector is about 50 portion of the total GDP. So, the growth rate of GDP depends on the service sectors. The service sector provides the support for the development Industry sector and agriculture sector. For the internationalist trade (export and import), the smooth transportations, financial and insurance service is required.For the improvement of the GDP sector, it has to give special emphasize on service sectors. There is lot of scope of development of service sector. Bangladesh is providing transit and transshipment to India, Nepal and Bhutan that will increase return from the transportation and communication sector. The manufacturing sector is growing rapidly. So, the need of financial service and education is increasing in future. Tourism, hotel service is promising in Bangladesh. The trade liberalization on service will cause the opportunity for service export. So, we have to take the initiatives for development of service sectors.This paper has analyzed the comparativ e contribution of service sector, the growth of service sector, service export and the employment in service sectors. There is scope for further research about the ways of development of service sectors. References Bangladesh Parjatan Corporation n. d. SUNDARBAN Royal Bengal Tiger and mangrove Forest accessed 2 May 2011, www. parjatan. gov. bd/forest. php Bangladesh Association of Software and Information Services 2010, BASIS Resource Center, Bangladesh, accessed 2 May, 2011, http//www. basis. org. bd/index. php/resource Bhuyan A. R. , Hossain M. I. and Hossai M.A. , 20007, Study on the Services Sector of Bangladesh, The Bangladesh Trade Support Programme (BTSP) Brahs, Stuart J. 2002. Priorities for WTO Financial Services Negotiations ancestry Management and Pensions, Principal Financial Group, Washington DC. Bangladesh Bareu of Statistics, BBS (Labour Force Survey) 2006, capital of Bangladesh Comjagat. com 2010, Status and Prospects http//www. comjagat. com/home/articles/moreartic les/5515 of ICT in Bangladesh, Bangladesh, Choudhury T. A. , Raihan A. , Habib S. and S. Chowdhury. 2000. Effects of WTO on Financial administration of Bangladesh A Research Report, BIBM, 2000.Das, RK & Chakroborty J 2012, An Evaluative Study on Tourism in Bangladesh, Research Journal of Finance and Accounting Vol 3, No 1, accessed June 20 2012 http//www. iiste. org/Journals/index. php/RJFA/article/view/1305/1225 Dobson, Wendy. 2002. Financial Services Liberalization in the WTO, outside(a) Economics Policy Briefs, No. PB02-8. International Institute of Economics,Toronto. 182 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 Kothari, C. R. , Research Methodology, 2nd ed. , Newdelhi, New eld International Pvt. Ltd. , 2005. www. iiste. org 0. Lovelock, Cheristopher, Service Marketing, 4th ed. , Simgspore, Sddison Wesley Longnian Pvt. Lyd. , 2001. Mattoo, Aaditya. 2002. Financial Services and the World Trade OrganizationLibera lization Commitments and the World Trade Organization, World Bank, 1818 H highway NW, Washington, DC. Ministry of Finance(2010), Bangladesh Economic Servey 2010, Ministry of Finance, Dhaka. Mascarenhas, Romeos, Service Sector Management, 1st ed. , Mumbai, VipuPrakashan, 2002. 3. 5. Tour to bangladesh. com (Tour Operator of Bangladesh) 2010, Tourism Vision 2020, Bangladesh, accessed 2 May 2011, http//www. tourtobangladesh. om/Bangladesh-Tourism-Vision-2020. php Transportation, accessed 2 May, 2011 Appendices Table 1(a) Contribution of total service sector in GDP 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 49816 2519 37464 6608 25033 10505 9624 8373 23832 173774 6. 60 7. 31 7. 48 8. 13 3. 67 7. 88 8. 42 7. 02 4. 14 6. 17 Trade (Retail & Whole sales Hotel & Restaurants Transport, Storage & Communication Banking & Insurance Real Estate, Renting & other Business Activities Public Administration and Defense Education Health and Soci al Work Community, Social and Services Total Service Personal 8021 1335 19579 3270 18096 5322 4651 4548 16538 101360 29868 1427 20863 3489 18715 5637 5004 4789 17073 106865 31687 1527 22292 3722 19374 5932 5384 5059 17640 112617 33770 1635 23676 3983 20068 6351 5798 5371 18340 118992 36155 1751 25552 4338 20801 6860 6256 5768 19082 126563 38596 1881 27592 4707 21569 7420 6822 6217 19863 134667 41700 2023 29809 5139 22381 8044 7433 6693 20733 143955 44543 2176 32357 5596 23221 8543 8013 7163 21731 153343 47309 2341 34949 6099 24106 9142 8658 7678 22753 163035 Source Bangladesh Economic Review, 2010 Table 1(b) Contributions and growth of sub sectorsService sub-sector Trade (Retail & Whole sales Hotel & Restaurants Transport, Storage & Communication Banking & Insurance Real Estate, Renting & other Business Activities Public Administration and Defense Education Health and Social Work Community, Social and Personal Services Total Std. of Service sub-sector 7526. 08 398. 47 6109. 71 1140. 47 2336. 93 1678. 77 1647. 75 1289. 33 2471. 01 24576. 02 Std. of Service sub-sector growth 0. 75 0. 29 0. 80 1. 04 0. 14 2. 85 1. 17 1. 17 0. 58 0. 54 Avg. Contribution % 14. 06% 0. 68% 10. 07% 1. 72% 7. 98% 2. 71% 2. 48% 2. 27% 7. 37% 49. 33% Avg. f subsector total 38146. 50 1861. 50 27413. 30 4695. 10 21336. 40 7375. 60 6764. 30 6165. 90 19758. 50 133517. 10 Avg. of subsector growth Source Bangladesh Economic Review, 2010 183 Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 Table 2(a) Sector wise contribution in GDP (in percentage) 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 www. iiste. org Contribution of Agricultures Contribution Industry Contribution of service Total 25. 03 26. 20 48. 77 vitamin C 23. 98 26. 75 49. 27 100 3. 47 27. 24 49. 30 100 23. 08 27. 69 49. 22 100 22. 27 28. 31 49. 42 100 21. 84 29. 03 49. 14 100 21. 38 29. 45 49. 17 100 20. 83 29. 70 49. 47 100 20. 48 29. 86 49. 66 100 20. 16 29. 95 49. 90 100 1. 6 1. 38 0. 31 0. 00 22. 25 28. 42 49. 33 100 Source Bangladesh Economic Review, 2010 Table 2(b) Sector-wise growth of GDP (in percentage) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 Average 3. 21 7. 49 6. 17 5. 88 112214. 5 16. 16% 51510. 798 199368 15. 89% 24606. 842 (87153. 5) 16. 69% Average Agriculture Industry Service 0. 01 6. 53 5. 43 3. 8 7. 26 5. 38 4. 09 7. 60 5. 66 2. 21 8. 28 6. 36 4. 94 9. 74 6. 40 6. 63 4. 56 8. 38 6. 90 6. 43 3. 21 6. 78 6. 52 6. 19 4. 12 6. 46 6. 32 5. 74 4. 39 6. 42 6. 59 6. 00 1. 53 1. 13 0. 54 0. 68 Total GDP 4. 42 5. 26 6. 27 5. 96 Source Bangladesh Economic Review, 2010 Table 2(c) Growth of service and other sector (Chain base) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 Average 7. 02 5. 61 5. 88 SDEV 28849. 471 Service 5. 30 5. 64 6. 17 7. 39 7. 78 7. 66 Other 3. 52 5. 14 6. 82 5. 59 6. 83 6. 01 Sectors Total GDP 4. 42 5. 26 6. 27 5. 96 6. 63 6. 3 growth Source Bangladesh Economic Review-2010 Table 4 Service Receipts and Payments (in million Taka) 2004-2005 2005-2006 2006-2007 7. 02 5. 89 6. 19 7. 19 5. 21 5. 74 9. 05 5. 46 6. 00 1. 17 1. 00 0. 68 2007-2008 2008-2009 Service Receipts 75067 89780 102352 129103 Growth of Service 19. 60% 14. 00% 26. 14% Receipts Service Payments 124871 156279 189649 231667 Growth of Service 25. 15% 21. 35% 22. 16% Payment Services(net) (49804) (66499) (87297) (102564) Growth of Service 33. 52% 31. 28% 17. 49% (net) Source Bangladesh Balance of Payment-2010, Bangladesh Bank 122451 -5. 15% 236634 2. 4% (114183) 11. 33% 154534 26. 20% 257108 8. 65% (102574) -10. 17% 184 2009-2010 STDEV STDEV Average STDEV Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 Table 5 Employment contributions Year 1984 1985 Employment in agriculture (% of total employment) 58. 8 57. 7 Employment in industry (% o f total employment) 11 11. 5 Employment in services (% of total employment) 24. 2 26 Source World development index, World Bank Table 6 Growth of economic sectors 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 ww. iiste. org 1986 57. 1 12. 5 26. 5 1989 64. 9 15. 4 14. 8 1991 66. 4 13 16. 2 1996 63. 2 9. 6 25 2000 62. 1 10. 3 23. 5 2003 51. 7 13. 7 34. 6 2005 48. 1 14. 5 37. 4 SD 6. 06 1. 95 7. 35 Avg. 58. 89 12. 39 25. 36 Agriculture 0. 01 3. 08 4. 09 2. 21 4. 94 4. 56 Industry 6. 53 7. 26 7. 60 8. 28 9. 74 8. 38 Service 5. 43 5. 38 5. 66 6. 36 6. 40 6. 90 Total GDP 4. 42 5. 26 6. 27 5. 96 6. 63 6. 43 Source Bangladesh Economic Review-2010, Ministry of Finance 3. 21 6. 78 6. 52 6. 19 4. 12 6. 46 6. 32 5. 74 4. 39 6. 42 6. 59 6. 00 1. 53 1. 13 0. 54 0. 68 . 21 7. 49 6. 17 5. 88 Figure 1 Contrubution of Service, Industry and Agriculutre Figure 2 Comparative Sector-wise Growth Rate 185 Average STDEV Sectors Research Journal of Finance and Acco unting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 3, No 5, 2012 www. iiste. org Figure 3 Service Export and result Figure 4 Employment of Service Sectors. 186 This academic article was published by The International Institute for Science, Technology and Education (IISTE). 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