GDP growth rate for 2017-18 revised upwards to 7.2%

New Delhi: The government on Thursday revised the economic growth rate upwards to 7.2% for 2017-18 from the 6.7% estimated earlier.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at ₹131.80 lakh crore and ₹122.98 lakh crore, respectively, showing growth of 7.2% during 2017-18 and 8.2% during 2016-17," the CSO said.

Earlier, the CSO in its advance estimate, had pegged the GDP growth rate for 2018-19 at 7.2%.

"The First Revised Estimates for 2017-18 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 31st May, 2018," according to the Central Statistics Office (CSO).

The CSO also released the 'Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17'.

During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5%, 6% and 8.1%, against a growth rate of 6.8%, 7.5% and 8.4%, respectively, in the previous year.

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