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LATEST NEWS UPDATES | Provisional estimates: Good rabi crop, uptick in factory output lift GDP up to 7.7% -Aanchal Magazine

Provisional estimates: Good rabi crop, uptick in factory output lift GDP up to 7.7% -Aanchal Magazine

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published Published on Jun 1, 2018   modified Modified on Jun 1, 2018
-The Indian Express

The country had recorded GDP growth of 7.1 per cent in the previous financial year (2016-17). Growth is projected to rebound to 7.5 per cent this year.

Boosted by an uptick in the manufacturing and construction sectors, and a good rabi harvest, India’s real gross domestic product (GDP) surged to a seven-quarter high of 7.7 per cent in January-March, the last quarter of the 2017-18 financial year. The rise in output came alongside a favourable base effect related to low growth in the fourth quarter of the previous year.

The provisional estimates of GDP, released by Central Statistics Office (CSO) Thursday, showed that while the overall growth rate for the full financial year (2017-18) is estimated at 6.7 per cent, up marginally from the second advance estimate of 6.6 per cent and first advance estimate of 6.5 per cent, it would be the slowest in four years, and the lowest since the NDA government came to power.

The country had recorded GDP growth of 7.1 per cent in the previous financial year (2016-17). Growth is projected to rebound to 7.5 per cent this year.

On Wednesday, Moody’s Investors Service cut its 2018 GDP growth outlook for India to 7.3 per cent from its earlier estimate of 7.5 per cent, citing surging oil prices and tighter financial conditions.

According to the latest data, GDP growth rate for all three previous quarters of 2017-18 has been revised downward from the second advance estimate released in February. The GDP growth rate for April-June has been revised lower to 5.6 per cent from 5.7 per cent in second advance estimate, for July-September to 6.3 per cent from 6.5 per cent and for October-December to 7.0 per cent from 7.2 per cent estimated earlier.

Boosted by an uptick in the manufacturing and construction sectors, and a good rabi harvest, India’s real gross domestic product (GDP) surged to a seven-quarter high of 7.7 per cent in January-March, the last quarter of the 2017-18 financial year. The rise in output came alongside a favourable base effect related to low growth in the fourth quarter of the previous year.

The provisional estimates of GDP, released by Central Statistics Office (CSO) Thursday, showed that while the overall growth rate for the full financial year (2017-18) is estimated at 6.7 per cent, up marginally from the second advance estimate of 6.6 per cent and first advance estimate of 6.5 per cent, it would be the slowest in four years, and the lowest since the NDA government came to power.

The country had recorded GDP growth of 7.1 per cent in the previous financial year (2016-17). Growth is projected to rebound to 7.5 per cent this year.

On Wednesday, Moody’s Investors Service cut its 2018 GDP growth outlook for India to 7.3 per cent from its earlier estimate of 7.5 per cent, citing surging oil prices and tighter financial conditions.

According to the latest data, GDP growth rate for all three previous quarters of 2017-18 has been revised downward from the second advance estimate released in February. The GDP growth rate for April-June has been revised lower to 5.6 per cent from 5.7 per cent in second advance estimate, for July-September to 6.3 per cent from 6.5 per cent and for October-December to 7.0 per cent from 7.2 per cent estimated earlier.

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The Indian Express, 1 June, 2018, http://indianexpress.com/article/business/economy/provisional-estimates-good-rabi-crop-uptick-in-factory-output-lift-gdp-up-to-7-7-per-cent-5199420/


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