country’s gross The growth rate of domestic product (GDP) came down to 4.4 per cent in the third quarter of the financial year 2022-23. This decline in GDP is mainly due to the poor performance of the manufacturing sector. This information was received from the data released on Tuesday by the National Statistical Office (NSO). In the same quarter of the last financial year 2021-22, the country’s economy had grown at a rate of 11.2 percent. At the same time, the economic growth rate in the July-September quarter of the current financial year was 6.3 percent. In the October-December quarter of the current financial year, a decline of 1.1 per cent has been recorded in the production of the manufacturing sector. In the same quarter of the previous financial year, the growth rate of manufacturing sector was 1.3 percent. In its second advance estimate, the NSO has estimated the economic growth rate to be seven percent in the current financial year. Apart from this, the NSO has revised the growth rate for the last financial year 2021-22 from 8.7 percent to 9.1 percent.
GDP growth rate estimated to be seven percent
The country’s GDP at constant prices (2011-12) in the third quarter is estimated at Rs 40.19 lakh crore, the NSO said in a statement. It was Rs 38.51 lakh crore in the same quarter of the previous financial year. GDP at current prices in Q3 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3 of 2021-22. In this way, the GDP growth in the third quarter at current prices has been 11.2 percent. The NSO said, “The GDP size for the entire financial year (2022-23) at constant prices is estimated to be Rs 159.71 lakh crore. In the first revised estimate of the previous financial year (2021-22), the GDP was Rs 149.26 lakh crore. In this way, the real GDP growth rate in the current financial year is estimated to be seven percent, which was 9.1 percent in 2021-22.
GDP growth rate revised to 9.1% for 2021-22
The NSO has revised the GDP growth rate for the financial year 2021-22 to 9.1 per cent from 8.7 per cent earlier. The gross value added (GVA) of the agriculture sector grew at 3.7 per cent in the third quarter, up from 2.2 per cent in the year-ago quarter, the national accounts data showed. The growth rate of mining and allied sector slowed down to 3.7 per cent in the December quarter. It was 5.4 percent in the same quarter of the previous financial year. During this period the growth of construction sector increased from 0.2 percent to 8.4 percent. The growth rate of electricity, gas, water supply and other essential services was 8.2 percent. These sectors had grown at a rate of six per cent in the third quarter of the last financial year. Services sector Trade, hotels, transport, communication and services related to broadcasting GVA growth stood at 9.7 per cent in the third quarter. It was 9.2 percent in the same quarter of the previous financial year.
The pace of growth of the real estate sector accelerated
The growth rate of financial, real estate and professional services accelerated to 5.8 per cent in the third quarter of the current fiscal from 4.3 per cent in the corresponding quarter of the previous fiscal. The growth rate of public administration, defense and other services slowed down to 2 per cent as against 10.6 per cent in the same quarter of the previous fiscal. According to NSO, the GDP at constant price was Rs 149.26 lakh crore in 2021-22 and Rs 136.87 lakh crore in 2020-21. In this way, the GDP growth rate in 2021-22 was 9.1 percent while in 2020-21 the economy had declined by 5.8 percent. The Net National Income (NNI) at current prices was expected to be Rs 203.27 lakh crore in 2021-22. Before that it was Rs 172.23 lakh crore in the financial year 2020-21. In this way, an increase of 18 percent was registered in NNI in 2021-22. Whereas in the financial year 2020-21 it had declined by three percent.