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GDP growth jumps to 7.7% in Q4

The Centre on Thursday reported Gross Domestic Product (GDP) growth of 7.7 per cent in the fourth quarter of FY 2017-18 (at 2011-12 prices).

As per data released by the Central Statistics Office (CSO), GDP growth in the fourth quarter was 7.7 per cent, as against 5.6 per cent, 6.3 per cent and 7 per cent respectively, in the first three quarters, backed by rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction sectors (11.5 per cent).

As per the provisional estimates of national income, the growth rate of GDP at constant (2011-12) prices for the financial year 2017-18 was estimated at 6.7 percent, while, at the sectoral level, the growth rate of GVA at constant (2011-12) prices for agriculture and allied sectors, industry and services sectors for the year 2017-18 were estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively.

The ‘agriculture, forestry and fishing’ sector showed a growth rate of 3.4 per cent as against the previous year’s growth rate of 6.3 per cent, while the growth in the ‘manufacturing’ sector was estimated at 5.7 per cent as against the previous year’s growth rate of 7.9 per cent.

The private corporate sector growth (which has a share of over 70 per cent in the manufacturing sector) as estimated from available data of listed companies with BSE and NSE was 9 per cent at current prices during 2017-18.

The sector ‘financial, real estate and professional services’ grew by 6.6 percent as against the previous year’s growth rate of 6 percent, a major component of this industry being real estate and professional services. The key indicators of banking, namely, aggregate bank deposits and bank credits showed a growth of 6.7 per cent and 10.3 per cent, respectively, as on March 31 this year.

Meanwhile, the Gross National Income (GNI) at 2011-12 prices was estimated at Rs.128.64 lakh crore during 2017-18, as against the previous year’s estimate of Rs.120.52 lakh crore, thus estimated to have risen by 6.7 percent during 2017-18, in comparison to the growth rate of 7.1 percent in 2016-17.

On the other hand, the GNI at current prices was estimated at Rs.165.87 lakh crore during 2017-18, as compared to Rs.150.77 lakh crore during 2016-17, showing a rise of 10 per cent, the CSO noted.

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