Question: Quarterly estimates of GDP for the third quarter October-December (Q3), 2017-18 both at constant (2011-12) and current prices along with the corresponding quarterly estimates of expenditure components of GDP are also being released by the Central Statistics Office (CSO) on February 28th, 2018. According to this release growth rate of expected to remain at what percent?
(a) 6.7 percent
(b) 6.5 percent
(c) 7.2 percent
(d) 6.8 percent
Answer: (c)
Related Facts:
- On February 28th, 2018, The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Second Advance estimates of national income at constant (2011-12) and current prices for the financial year 2017-18.
- Quarterly estimates of GDP for the third quarter October-December (Q3), 2017-18 both at constant (2011-12) and current prices along with the corresponding quarterly estimates of expenditure components of GDP are also being released.
- Quarterly estimates of previous years along with the first and second quarter estimates of 2017-18 released earlier have undergone revision in accordance with the revision policy of National Accounts.
- The first three quarters of a financial year are denoted by Q1, Q2 and Q3.
- GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at `32.50 lakh crore, as against `30.32 lakh crore in Q3 of 2016-17, showing a growth rate of 7.2 percent.
- GDP growth rates for Q1 and Q2 of 2017-18 at constant prices are 5.7 percent and 6.5 percent respectively.
GDP at constant (2011-12) prices - Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-18 is likely to attain a level of `130.04 lakh crore, as against the First Revised Estimate of GDP for the year 2016-17 of `121.96 lakh crore, released on 31st January 2018.
- The growth in GDP during 2017-18 is estimated at 6.6 percent as compared to the growth rate of 7.1 percent in 2016-17.
GVA at basic constant prices (2011-12) - Real GVA, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from `112.48 lakh crore in 2016-17 to `119.64 lakh crore in 2017-18.
- Anticipated growth of real GVA at basic prices in 2017-18 is 6.4 percent as against 7.1 percent in 2016-17.
- The sectors which are likely to register growth rate of over 7.0 percent are ‘public administration, defence and other services’,‘trade, hotels, transport, communication and services related to broadcasting’, ‘electricity, gas, water supply and other utility services’ and ‘financial, real estate and professional services’.
- The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘manufacturing’, and ‘construction’ is estimated to be 3.0 percent, 3.0 percent, 5.1 per cent and 4.3 percent respectively.
- Per Capita Income
- The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of `86,689 as compared to `82,229 for the year 2016-17.
- The growth rate in per capita income is estimated at 5.4 percent during 2017-18, as against 5.7 per cent in the previous year.
ESTIMATES AT CURRENT PRICES - GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices.
- GDP at current prices in the year 2017-18 is likely to attain a level of `167.52 lakh crore, as against 152.54 lakh crore in 2016-17 showing a growth rate of 9.8 percent.
- The nominal Net National Income (NNI), also known as national income (at current prices) is likely to be 148.40 lakh crore during 2017-18, as against 134.93 lakh crore for the year 2016-17.
- In terms of growth rates, the net national income registered a growth rate of 10.0 percent in 2017-18 as against the previous year’s growth rate of 11.0 percent.
- The per capita net national income during 2017-18 is estimated to be 112,764 showing a rise of 8.6 percent as compared to 1, 03,870 during 2016-17.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=176847