New Delhi: The National Statistical Office (NSO) has measured India’s year-on-year GDP growth as of this financial year’s April-June quarter (Q1) at 7.8%.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.