India’s Q4 GDP expands to 7.7%, full year growth at four-year low of 6.7%

01 Jun 2018 Evaluate

Continuing its status as the world’s fastest-growing major economy, Indian economy beating all the estimates registered a growth of 7.7% for the fourth quarter of fiscal year 2017-18, highest in seven quarters. The growth was aided by rapid construction activity, manufacturing and consumer spending along with corporate investment. However, for the entire fiscal year, the economy grew at four-year low of 6.7%, as against growth of 7.1% in 2016-17. The previous low was recorded in 2013-14 at 6.4%.

As per the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation data, real GDP or GDP at constant (2011-12) prices for the year 2017-18 is now estimated at Rs 130.11 lakh crore showing a growth rate of 6.7% over First Revised Estimates of GDP for the year 2016-17 of Rs 121.96 lakh crore, released on January 31, 2018. Besides, real GVA or GVA at basic constant (2011-12) prices for the year 2017-18 is now estimated at Rs 119.76 lakh crore showing a growth rate of 6.5% over First Revised Estimates of GVA for the year 2016-17 of Rs 112.48 lakh crore, released on January 31, 2018.

Acocording to the data, GDP at current prices in Q4 of 2017-18 is estimated at Rs 45.34 lakh crore, as against Rs 40.90 lakh crore in Q4 of 2016-17, showing a growth of 10.9%. GVA at current basic prices in Q4 of 2017-18 is estimated at Rs 39.51 lakh crore, as against Rs 35.69 lakh crore in Q4 of 2016-17, showing a growth of 10.7%. Among the sectors, all core sectors clocked significant growth during Q4 of FY18, in comparison to the quarter before. During the March quarter, agriculture, manufacturing, and construction sectors grew at 4.5%, 9.1% and 11.5%, respectively. The financing, real estate and insurance segment registered a growth of 5%, while ‘Public administration, defence and other Services' grew at 13.3%.

GDP at current prices for the year 2017-18 is estimated at Rs 167.73 lakh crore, showing a growth rate of 10.0% over the First Revised Estimates of GDP for the year 2016-17 of Rs 152.54 lakh crore. Besides, Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 99.14 lakh crore in 2017-18 as against Rs 90.05 lakh crore in 2016-17. Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 19.08 lakh crore in 2017-18 as against Rs 16.64 lakh crore in 2016-17. Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 47.79 lakh crore in 2017-18 as against Rs 43.52 lakh crore in 2016-17.

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