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LATEST NEWS UPDATES | What GDP numbers didn’t tell -Surajit Das

What GDP numbers didn’t tell -Surajit Das

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published Published on Sep 5, 2020   modified Modified on Sep 5, 2020

-TelanganaToday.in

Pvt consumption and investment (90% of GDP) have shrunk 35% and revised numbers could present a scarier picture

On 31st August, the National Statistical Office (NSO) came out with the provisional estimate of the GDP. According to this, the GDP shrunk by 23.9% during April, May and June as compared with the first quarter of the last financial year (2019-20). Aggregate private final consumption expenditure contracted 26.7% and investment (including gross fixed capital formation, change in stock and valuables) 47.5%. Private consumption and investment usually constitute more than 90% of our GDP – these two together registered a growth rate of minus 34.7%, according to the NSO.

If 90% of the economy shrinks by 35%, then how is the overall GDP declining by less than 24%? Well, the current account balance (export minus import) has improved by 164.5% and government (final consumption) expenditure has increased by over 20% (at current prices). Exports declined during the lockdown but imports fell at a higher rate because of the lower level of activity. Resultantly, the current account deficit (of Q1 of last year) of Rs 1,94,300 crore has become a current account surplus of Rs 78,300 crore at current prices.

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TelanganaToday.in, 5 September, 2020, https://telanganatoday.com/what-gdp-numbers-didnt-tell


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