FY16 GDP growth revised up to 8.2%, FY17 unchanged at 7.1%: CSO
The real GDP for 2016-17 and 2015-16 stands at Rs121.96 trillion and Rs113.86 trillion respectively, showing growth of 7.1% during 2016-17 and 8.2% during 2015-16, according to the CSO
New Delhi: The Central Statistics Office (CSO) on Wednesday revised the gross domestic product (GDP) growth rate for 2015-16 to 8.2% from the earlier estimates of 8% and kept the 2016-17 growth unchanged at 7.1%.
The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs121.96 trillion and Rs113.86 trillion respectively, showing growth of 7.1% during 2016-17 and 8.2% during 2015-16, the CSO said in a statement.
In terms of real gross value added (GVA), it said the GVA at constant (2011-12) basic prices grew 7.1% in 2016- 17, as against a growth of 8.1% in 2015-16. According to advance GDP estimates of CSO, the GVA growth on 2011-12 price was estimated at 6.6% for 2016-17.
The CSO on Wednesday released the first revised estimates of national account for 2016-17 along with second revised estimates for 2015-16 and third revised estimates for 2014-15 (with base year 2011-12). Under the third revision, the CSO has estimated GDP growth in 2014-15 at 7.4% from earlier estimates of 7.5%.
The CSO said that the first revised estimates for 2016-17 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of provisional estimates on 31 May 2017.
The estimates of GDP and other aggregates for the years 2014-15 and 2015-16 have undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries (ASI): 2015-16 and final results of ASI: 2014-15; government expenditure and also more comprehensive data available from various source agencies and state/union territory directorates of economics and statistics.
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