That figure pertains to the ‘real GDP’, which is calculated in terms of prices as of 2011-12 in order to account for price changes. Year-on-year GDP growth as of Q1 this year considering current prices stands at 8%, NSO data says.
Last year’s Q1 had seen real and nominal year-on-year GDP growth rates of 13.1% and 27.7% respectively.
India remains the fastest-growing major economy in the world, the Indian Express reported. China’s year-on-year growth rate as of Q1 this financial year is 6.3%.
NSO data also provides a breakdown of the gross value added (GVA) by different sectors in the economy.
The financial, real estate and professional services GVA as of Q1 this financial year grew year-on-year by 12.2%, compared to a figure of 8.5% in the same time last year.
GVA for the agriculture, forestry and fishing industry grew year-on-year by 3.5% this Q1, compared to last year’s 2.4%.
But other industries saw a decline in their GVA growth compared to last year. Construction, for instance, clocked in 7.9% growth this Q1 as compared to 16% in the same time last year. The respective figures for the mining and quarrying sector are 5.8% and 9.5% respectively.
The above figures were calculated using 2011-12 prices.
IE reported that a weakness in mining output, along with the effect of El Nino on this year’s monsoon, is expected to temper GDP growth rate in the remaining quarters of this financial year.
A press release by the NSO today (August 31) said that it will release its GDP growth estimates for the July-September quarter this financial year on November 30.