Govt Revises GDP Growth Rate for Financial Yr 2017-18 to 7.2%

The current rate is up from the previous estimate, which stood at 6.7 percent.

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The government on Thursday, 31 January, revised upwards the economic growth rate upwards to 7.2 percent for 2017-18 from the 6.7 percent estimated earlier.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 percent during 2017-18 and 8.2 per cent 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 percent.

“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,” said the Central Statistics Office (CSO).

The CSO has 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 percent, 6 per cent and 8.1 percent as against a growth of 6.8 percent, 7.5 percent and 8.4 percent, respectively, in the previous year.