India’s Q4 GDP Data Out: India’s gross domestic product (GDP) grew 7.8 per cent y-o-y during the January-March 2024 quarter (Q4 FY24) as compared with the 6.2 per cent growth recorded a year ago, according to the latest official data released on Friday, May 31. It has surpassed analysts’ estimates.
For the full financial year 2023-24, India’s GDP growth rate stood at 8.2 per cent as against 7 per cent in FY23, according to an official statement.
For Q4 FY24, analysts had expected a slower GDP growth of 5.9 per cent-6.7 per cent for Q4 FY24. For the full 2023-24 fiscal, analysts had expected GDP to grow at 7.8 per cent.
“Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared to the growth rate of 7.0% in FY 2022-23,” according to the statement.
Real GDP or GDP at constant prices in Q4 of 2023-24 is estimated at Rs 47.24 lakh crore, against Rs 43.84 lakh crore in Q4 of 2022-23, showing a growth rate of 7.8 per cent, it added, it added.
According to the latest data released by the National Statistical Office (NSO), India’s gross value added or GVA, which is GDP minus net product taxes and reflects growth in supply, also grew 6.3 per cent year-on-year during January-March 2024. During full FY24, GVA grew 7.2 per cent vs 6.7 per cent a year ago.
GDP in nominal terms, which factors in inflation, grows 9.9 per cent during Q4 2023-24. During full FY24, it stood at 9.6 per cent.
India’s economy had grown 8.4 per cent in the preceding October-December 2023 quarter (Q3 FY24). In the previous quarters, the Indian economy had grown 8.2 per cent in the June 2023 quarter (Q1 FY24), and 8.1 per cent in the following September quarter (Q2 FY24).
Comments
0 comment