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Thursday, February 25, 2021

GDP growth rate for FY20 revised downwards to 4%

The downward revision in the GDP growth rates for the previous fiscal implies that the GDP contraction for 2020-21 will narrow from the 7.7 per cent decline, as per the first advance estimates released on January 7.

By: ENS Economic Bureau | New Delhi |
January 30, 2021 1:38:25 am
GDP growth rate, FY20 growth rate, NSO data, National Statistical Office, Indian economy, Economy news, Indian express newsThe NSO also revised up the GDP growth rate for 2018-19 to 6.5 per cent from 6.1 per cent.

The economy recorded lower growth of 4 per cent in 2019-20, as against 4.2 per cent growth estimated earlier, the first revised estimates released by the National Statistical Office (NSO) on Friday showed. The NSO also revised up the GDP growth rate for 2018-19 to 6.5 per cent from 6.1 per cent.

The downward revision in the GDP growth rates for the previous fiscal implies that the GDP contraction for 2020-21 will narrow from the 7.7 per cent decline, as per the first advance estimates released on January 7.

It would also have implications for the GDP growth rate for the next financial year, which is projected to record double-digit growth due to the low base effect.

The major revisions in the GDP growth rate for 2019-20 have come on account of revision in growth rates for manufacturing and construction sectors. GDP growth rates for the primary, secondary, and tertiary sectors have been estimated as 3.3 per cent, (-)1.1 per cent and 7.2 per cent, as against growth of 2.2 per cent, 5.8 per cent and 7.2 per cent, respectively, in the previous year.

Core sector output shrinks by 1.3% in Dec

New Delhi: The output of eight core infrastructure sectors contracted for the third month in a row by 1.3 per cent in December 2020, dragged down by poor show by crude oil, natural gas, refinery products, fertiliser, steel and cement sectors.

The core industries had expanded 3.1 per cent in December 2019, according to the provisional data released by the Commerce and Industry Ministry Friday. ENS

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