CSO Revises GDP Growth to 7.9%

CSO has revised upwards the GDP growth for 2015–16 to 7.9% from the earlier estimate of 7.6%.

According to Central Statistics Office (CSO), real GDP or GDP at constant (2011–12) prices for 2015–16 and 2014–15 stands at Rs. 113.58 lakh crore and Rs. 105.23 lakh crore respectively, showing growth of 7.9% during 2015–16 and 7.2% during 2014–15.

However, the figure for 2014–15 has remained unchanged at 7.2% in the second revision of the national accounts for the fiscal.

Last year, CSO had estimated GDP growth rate for 2015–16 and 2014–15 at 7.6% and 7.2%, respectively.

CSO said the Gross Value Added (GVA) at constant (2011–12) basic prices grew at 7.8% in 2015–16 as against 6.9% in 2014–15.

As per the revised numbers, growth in real GVA in 2015–16 has been higher than that of 2014–15, mainly due to stronger growth in agriculture, forestry and fishing (0.8%), manufacturing (10.6%), trade, repair, hotels and restaurants (11.6%), transport, storage, communication and services related to broadcasting (9.1%) and real estate, ownership of dwelling and professional services (12.6 %).

In 2015–16, at constant prices, the growth of primary (agriculture, forestry, fishing and mining and quarrying), secondary (manufacturing, electricity, gas, water supply and other utility services and construction) and tertiary (services) sectors has been pegged at 2.6%, 7.8% and 9.8% as against a growth of 1.8%, 6.1% and 9.5% respectively, in the previous year.

Per capita net national income at current prices is estimated at Rs. 86,513 and Rs. 94,178 respectively for 2014–15 and 2015–16.

Per capita PFCE (private final consumption expenditure) at current prices is estimated at Rs. 57,402 and Rs. 61,571 for 2014–15 and 2015–16, respectively.