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FY16 GDP growth revised to 8.2%, FY17 unchanged at 7.1%

January 31, 2018 19:56 IST

The CSO said that the first revised estimates for 2016-17 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 May 31, 2017.

The Central Statistics Office on Wednesday revised the Gross Domestic Product (GDP) growth rate for 2015-16 to 8.2 per cent from the earlier estimates of 8 per cent and kept the 2016-17 growth unchanged at 7.1 per cent.

The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore respectively, showing growth of 7.1 per cent during 2016-17 and 8.2 per cent during 2015-16, the CSO said in a statement.

In terms of real GVA (gross value added), it said the GVA at constant (2011-12) basic prices grew 7.1 per cent in 2016-17, as against a growth of 8.1 per cent in 2015-16.

According to advance GDP estimates of CSO, the GVA growth on 2011-12 price was estimated at 6.6 per cent for 2016-17.

The CSO on Wednesday released the first revised estimates of national account for 2016-17 along with second revised estimates for 2015-16 and third revised estimates for 2014-15 (with base year 2011-12).

Under the third revision, the CSO has estimated GDP growth in 2014-15 at 7.4 per cent from earlier estimates of 7.5 per cent.

The estimates of GDP and other aggregates for the years 2014-15 and 2015-16 have undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries (ASI): 2015-16 and final results of ASI: 2014-15; government expenditure and also more comprehensive data available from various source agencies and State/UT Directorates of Economics and Statistics.

Photograph: Anindito Mukherjee/Reuters