India’s Q2 GDP snaps five-quarter slide; accelerates to 6.3%

01 Dec 2017 Evaluate

Snapping a five-quarter slide, India’s Gross Domestic Product (GDP) growth accelerated to 6.3% in the July-September quarter of fiscal year 2017-18 (Q2FY18), from a three-year low of 5.7% in the April-June quarter, as businesses adjusted to the new Goods and Services Tax (GST) regime. It was mainly manufacturing, coupled with mining, electricity and construction that gave a boost to the GDP growth. Though, the pace of growth was below 7.5% recorded in the corresponding quarter a year ago. Gross value added (GVA), the summation of agriculture, industry and services, also grew at a higher rate of 6.1% in Q2FY18 as compared to 5.6% in the previous quarter.

As per the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation data, GDP at constant (2011-2012) prices in Q2 of 2017-18 is estimated at Rs 31.66 lakh crore, as against Rs 29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3%. Quarterly GVA at Basic Price at constant (2011-12) prices for Q2 of 2017-18 is estimated at Rs 29.18 lakh crore, as against Rs 27.51 lakh crore in Q2 of 2016-17, showing a growth rate of 6.1% over the corresponding quarter of previous year.

GDP at current prices in Q2 of 2017-18 is estimated at Rs 40.22 lakh crore, as against Rs 36.76 lakh crore in Q2 of 2016-17, showing a growth rate of 9.4%. GVA at basic price at current prices in Q2 of 2017-18, is estimated at Rs 36.40 lakh crore, as against Rs 33.52 lakh crore in Q2 of 2016-17, showing an increase of 8.6%. The economic activities which registered growth of over 6.0% in Q2 of 2017-18 over Q2 of 2016-17 are ‘manufacturing’, ‘electricity, gas, water supply & other utility services and ‘trade, hotels, transport & communication and services related to broadcasting’.

According to the data, the agriculture, forestry and fishing sector is estimated to have grown by 1.7%. Manufacturing sector grew at 7.0% during the quarter-ended September from 7.7% growth in the same period last year. ‘Mining and quarrying’ sector grew by 5.5% as compared to growth of (-) 1.3% in Q2 2016-17, ‘Electricity, Gas, water supply and other utility services’ sector grew by 7.6% as compared to growth of 5.1% in Q2 2016-17 and from ‘Construction’ sector grew by 2.6% as compared to growth of 4.3% in Q2 2016-17. For instance trade, hotel, transport, communication and services related to broadcasting grew by 9.9% as compared to 7.7% in a year ago quarter.

On the expenditure front, Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 23.05 lakh crore in Q2 of 2017-18 as against Rs 21.07 lakh crore in Q2 of 2016-17. At constant (2011-12) prices, the PFCE is estimated at Rs 17.06 lakh crore in Q2 of 2017-18 as against Rs 16.02 lakh crore in Q2 of 2016-17. Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 5.43 lakh crore in Q2 of 2017-18 as against Rs 5.07 lakh crore in Q2 of 2016-17. At constant (2011-2012) prices, the GFCE is estimated at Rs 3.96 lakh crore in Q2 of 2017-18 as against Rs 3.81 lakh crore in Q2 of 2016-17.

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