Question: Recently, The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product(GDP) for the first quarter (April-June) Q1, of 2017-18, both at constant (2011-12) and current prices. According to this estimates the percentage of the GDP growth rate at constant (2011-12) prices was-
(a) 5.7 percent
(b) 6.5 percent
(c) 5.5 percent
(d) 7.1 percent
Answer: (a)
Related Facts:
- On September 7th, 2017, The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product(GDP) for the first quarter (April-June) Q1, of 2017-18, both at constant (2011-12) and current prices.
- The estimates have been released along with the corresponding quarterly estimates of expenditure components of the GDP.
- GDP at constant (2011-12) prices in Q1 of 2017-18 is estimated at 31.10 lakh crore, as against 29.42 lakh crore in Q1 of 2016-17.
- It is showing a growth rate of 5.7 percent.
- The economic activities which registered growth of over 7 percent in Q1 of 2017-18 over Q1 of 2016-17 are ‘trade, hotels, transport & communication and services related to broadcasting’, ‘public administration, defence and other services’ and ‘electricity, gas, water supply & other utility services’.
- The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘manufacturing’, ‘construction’ and financial, insurance, real estate and professional services is estimated to be 2.3 per cent, (-) 0.7 percent, 1.2 per cent, 2.0 percent and 6.4 percent respectively during this period.
- GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices.
- GDP at current prices in Q1 of 2017-18 is estimated at 38.84 lakh crore, as against 35.55 lakh crore in Q1 of 2016-17, showing a growth rate of 9.3 percent.
- GVA at Basic Price at current prices in Q1 of 2017-18, is estimated at 35.77 lakh crore, as against 33.17 lakh crore in Q1, 2016-17, showing an increase of 7.9 percent.
- Growth in collection of Union excise duties, customs duties and service tax was 7.3 percent, 15.0 percent and 20.4 percent respectively in Q1 of 2017-18 as against 60.5 percent, 17.8 percent and 28.5 percent respectively in Q1 of 2016-17.
Reference:
http://pib.nic.in/newsite/PrintHindiRelease.aspx?relid=66870
http://pib.nic.in/newsite/PrintRelease.aspx?relid=170409
http://www.mospi.gov.in/sites/default/files/press_release/PRESS_NOTE-Q1_2017-18_31aug17.pdf