Post-demonetisation slow down in GDP -Governance Now

Post-demonetisation slow down in GDP

The sectors which are likely to register growth rate of over 7.0 percent are defence, 'manufacturing' and ‘trade, hotels, transport, communication

GN Bureau | February 28, 2017

#forestry #agriculture #manufacturing #GDP #Demonetisation #fishing #construction

The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.9 per cent in 2015-16, authorities said.

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation on Tuesday released the Second Advance estimates of national income at constant (2011-12) and current prices for the financial year 2016-17.

Demonetisation was announced on November 8, 2016.

Quarterly estimates of GDP for the third quarter October-December (Q3), 2016-17 both at constant (2011-12) and current prices along with the corresponding quarterly estimates of expenditure components of GDP were also released. Quarterly estimates of previous years along with the first and second quarter estimates of 2016-17 released earlier have undergone revision in accordance with the revision policy of National Accounts.

“Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs 121.65 lakh crore, as against the First Revised Estimate of GDP for the year 2015-16 of Rs 113.58 lakh crore, released on January 31, 2017. The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.9 per cent in 2015-16.”

Real Gross Value Added, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from Rs 104.70 lakh crore in 2015-16 to Rs 111.68 lakh crore in 2016-17. Anticipated growth of real GVA at basic prices in 2016-17 is 6.7 percent against 7.8 percent in 2015-16.

The sectors which are likely to register growth rate of over 7.0 percent are ‘public administration, defence and other services’, 'manufacturing' and ‘trade, hotels, transport, communication and services related to broadcasting’. The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘electricity, gas, water supply and other utility services’, ‘construction’ and 'financial, real estate and professional services' is estimated to be 4.4 percent, 1.3 percent, 6.6 per cent, 3.1 percent and 6.5 percent respectively.

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