India’s GDP growth beats expectations at 8.2% in Q1FY19
31 Aug 2018
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The Indian economy grew at 8.2 per cent in the first three months of the current fiscal ended 30 June 2018, the fastest in two years, while the economy reported a growth rate of 7.7 per cent for the first three months of 2018 (fourth quarter of the 2017-18 financial year), the fastest in nearly two years.
Data released by the Central Statistics Office (CSO) showed the country’s gross domestic product (GDP) at constant (2011-12) prices in Q1 of 2018-19 stood at an estimated Rs33,74,000 crore, against Rs31,18,000 crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent.
Gross value addition (GVA) for the quarter at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs31,63,000 crore, against Rs29,29,000 crore in Q1 of 2017-18, showing a growth rate of 8.0 per cent over the corresponding quarter of the previous year.
The economic activities which registered growth rate of over 7 per cent in Q1 of 2018-19 included `manufacturing, electricity, gas, water supply and other utility services’, ‘construction’ and ‘public administration, defence and other services’.
Growth rate in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘trade, hotels, transport, communication and services related to broadcasting’ and `financial, real estate and professional services’ is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent, respectively, during this period.
Quarterly GVA at basic prices for Q1 2018-19 from ‘mining and quarrying’ sector grew 0.1 per cent compared to a growth of 1.7 per cent in Q1 2017-18. The key indicators of mining sector, namely, production of coal, crude oil and natural gas and IIP mining reported growth rates of 13.2 per cent, (-) 2.4 per cent, 0.1 per cent and 5.4 per cent during Q1 of 2018-19 compared to (-) 4.4 per cent, 0.3 per cent, 4.0 per cent and 1.1 per cent during Q1 of 2017-18.
Quarterly GVA at basic prices for Q1 2018-19 from ‘manufacturing’ sector grew 13.5 per cent compared to a growth of (-) 1.8 per cent in Q1 2017-18.
Quarterly GVA at basic prices for Q1 2018-19 from ‘electricity, gas, water supply and other utility services’ sector grew 7.3 per cent compared to a growth of 7.1 per cent in Q1 2017-18. The key indicators of this sector, namely, electricity recorded growth rate of 4.9 per cent during Q1 of 2018-19 compared to 5.3 per cent in Q1 of 2017-18.
Quarterly GVA at basic prices for Q1 2018-19 from ‘Construction’ sector grew 8.7 per cent compared to a growth of 1.8 per cent in Q1 2017-18. Key indicators of construction sector, namely, production of cement, consumption of finished steel and non-metallic minerals recorded growth rates of 14.2 per cent, 8.4 per cent and 10.5 per cent, respectively, during Q1 of 2018-19 compared to (-) 3.3 per cent,7.6 per cent and (-) 3.2 per cent, respectively, in Q1 of 2017-18.
Quarterly GVA at basic prices for Q1 2018-19 from trade, hotels, transport, communication and services related to broadcasting grew by 6.7 per cent compared to a growth of 8.4 per cent in Q1 2017-18.
Quarterly GVA at basic prices for Q1 2018-19 from financial, real estate and professional services grew 6.5 per cent compared to a growth of 8.4 per cent in Q1 2017-18. Major component of this industry is the real estate and professional services, which have a share of 74.6 per cent.
Quarterly GVA at basic prices for Q1 2018-19 from public administration, defence and other services grew 9.9 per cent compared to a growth of 13.5 per cent in Q1 2017-18.
GDP at current prices in Q1 of 2018-19 is estimated at Rs44,33,000 crore, against Rs38,97,000 crore in Q1 of 2017-18, showing a growth rate of 13.8 per cent.
GVA at basic price at current rates in Q1 of 2018-19 is estimated at Rs41,02,000 crore, against Rs36,34,000 crore in Q1, 2017-18, showing an increase of 12.9 per cent.
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