The downward revision of GDP growth in the current fiscal to 7 percent does not indicate slowing down of economy as it is calculated on the basis of higher growth projections by the Central Statistics Office for the previous fiscal, Economic Affairs Secretary Subhash Chandra Garg said.
He tweeted:
GDP estimates for 2018-19 released today needs to be viewed in correct perspective. Downward revision to 7% from 7.2% in 1st Adv Est is against revision of GDP of 2017-18 from 6.7% to 7.2%. Average GDP of two years taken together is 7.1% as against earlier estimate of 6.95%.
February 28, 2019CSO, which releases the national account data, had last month revised its forecast for GDP growth for 2017-18 to 7.2 percent from the earlier estimate of 6.7 percent. It also revised the actual growth rate in 2016-17 to 8.2 percent from the 7.1 per cent estimated earlier.
GDP growth at 7% does not indicate slowing down when compared to 7.2% of 1st Adv Est. This is on top of revised growth of 7.2% of 2017-18 asagainst growth of 6.7% per earlier estimate.
February 28, 2019The 2018-19 GDP growth of 7 percent is the lowest in five years. In 2013-14 the growth was 6.4 percent, in 2014-15 it was 7.4 percent, 8.2 percent in 2015-16 and 2016-17 and 7.2 percent in 2017-18.
Garg said absolute estimates of GDP for 2018-19 is higher in second advance estimates, which was released today, than first advance estimates (which was released in January).
Absolute estimates of GDP for 2018-19 is higher in 2nd Adv Est than 1st Adv Est. Nominal GDP at Rs. 190.54 trillion is higher than 188.41 lakh crore. Likewise, GDP at constant prices at 141.00 trillion is higher than of 139. 51 trillion of 1st Adv Est.
February 28, 2019Sectoral GVA growth for 2018-19 continues to be very strong in manufacturing (8.1%), electricity , gas etc. (8%) and construction (8.9%). Performance of these sectors is also quite strong in Q3 as well with construction actually rising by 9.6%. Agriculture and mining slowed.
February 28, 2019"Performance of these sectors is also quite strong in Q3 as well, with construction actually rising by 9.6 percent. Agriculture and mining slowed," he said.
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