Real GDP Growth at 8.2% and Real GVA at 7.2% for FY 2023-24; Q4 Growth at 7.8% for GDP and 6.3% for GVA

By: Admin
May 31, 2024
Categories: GDP|Press Release
4 Min Read

The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Provisional Estimates (PE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2023-24 and Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-24 along with its expenditure components both at Constant (2011-12) and Current Prices. Annual and quarterly estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year on year percent changes, expenditure components of GDP and annual estimates of Gross/Net National Income and Per Capita Income for the years 2021-22, 2022-23 and 2023-24 at Constant and Current Prices are given in Statements 1 to 8 of Annexure A.

Key Highlights:

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. Nominal GDP has witnessed a growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY 2022-23.
Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23. This GVA growth has been mainly due to significant growth of 9.9% in Manufacturing sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24 over 1.9% in 2022-23 for Mining & Quarrying sector.
Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8% respectively in Q4 of FY 2023-24. Growth rates in Nominal GVA and Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9% respectively.
The Complete Press Release can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/Real_GDP_has_been_estimated_to_grow_by_8.2%25_in_FY_2023-24_as_compared_to_the_growth_rate_of_7.0%25_in_FY_2022-23.pdf