The Indian economy expanded by 7.8% in Q1 of 2024, sharply above the initial forecasts of a 6.7% expansion, to extend the trend of strong growth for the Indian economy. The result confirmed that India is the world’s fastest-growing major economy, led by the sharp acceleration of output for manufacturing (8.9% vs 0.9% in FYQ4 of 2023), construction (8.7% vs 7.4%), public administration, defense, and other services (7.8% VS 4.7%), and mining and quarrying (4.3% vs 2.9%). Still, the GDP was significantly higher than the 6.3% growth in gross value added in the final quarter of the financial year, indicating that the net indirect tax category of the GDP is likely to have inflated the gauge for a second consecutive quarter. With the update, the Indian GDP grew by 8.2% in the financial year ending March of 2024. source: Ministry of Statistics and Programme Implementation (MOSPI)
The Gross Domestic Product (GDP) in India expanded 7.80 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in India averaged 5.98 percent from 1951 until 2024, reaching an all time high of 22.60 percent in the second quarter of 2021 and a record low of -23.10 percent in the second quarter of 2020. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2024.
The Gross Domestic Product (GDP) in India expanded 7.80 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in India is expected to be 7.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India GDP Annual Growth Rate is projected to trend around 5.90 percent in 2025 and 5.10 percent in 2026, according to our econometric models.
India GDP Annual Growth Rate
The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 7.80 | 8.60 | 22.60 | -23.10 | 1951 - 2024 | percent | Quarterly | NSA, 2011-12 Prices |
News Stream
Indian GDP Expands More than Expected in FYQ4
The Indian economy expanded by 7.8% in Q1 of 2024, sharply above the initial forecasts of a 6.7% expansion, to extend the trend of strong growth for the Indian economy. The result confirmed that India is the world’s fastest-growing major economy, led by the sharp acceleration of output for manufacturing (8.9% vs 0.9% in FYQ4 of 2023), construction (8.7% vs 7.4%), public administration, defense, and other services (7.8% VS 4.7%), and mining and quarrying (4.3% vs 2.9%). Still, the GDP was significantly higher than the 6.3% growth in gross value added in the final quarter of the financial year, indicating that the net indirect tax category of the GDP is likely to have inflated the gauge for a second consecutive quarter. With the update, the Indian GDP grew by 8.2% in the financial year ending March of 2024.
2024-05-31
India GDP Grows a Robust 8.4%
The Indian economy expanded 8.4% year-on-year in Q4 2023, the strongest growth since Q2 2022, compared to an upwardly revised 8.1% in Q3 and beating forecasts of 6.6%. On the production side, faster increases were recorded for services (6.7% vs 4.5%), and finance and real estate (7% vs 6.2%). Also, the manufacturing sector continued to grow at a double digit pace (11.6% vs 14.4%) and production of utilities (9% vs 10.5%) and construction (9.5% vs 13.5%) remained robust. On the other hand, the farm sector contracted 0.8% (vs +1.6%) amid adverse weather conditions and the El Nino effect. On the expenditure side, private consumption rose at a faster 3.5% (vs 2.4% in Q3) and investment growth remained robust although it slowed (10.6% vs 11.6%). Both exports (3.4% vs 5.3%) and imports (8.3% vs 11.9%) rose at a slower pace and public expenditure contracted 3.2% after soaring 13.8% in Q3. Meanwhile, the estimate for the 2023/2024 fiscal year growth rate was revised higher to 7.6% from 7.3%
2024-02-29
India GDP Growth Beats Expectations
The Indian economy expanded 7.6% year-on-year in the third quarter of 2023, following a strong 7.8% growth in the previous period and beating forecasts of a 6.8% rise. The reading is also higher than the Reserve Bank of India projection of 6.5%. The manufacturing sector soared 13.9%, construction went up 13.3%, utilities 10.1%, mining 10% and financial, real estate, and professional services increased 6%. Meanwhile, the farm sector grew a meager 1.2%, dragged down by heavy rainfall across the country. On the expenditure side, government spending rebounded sharply (12.4% vs -0.7% in Q2) and gross fixed capital formation rose faster (11% vs 8%), namely infrastructure spending mostly financed by central and state governments. At the same time, exports recovered (4.3% vs -7.7%) and imports increased more (16.7% vs 10.1%). On the other hand, private spending slowed (3.1% vs 6%).
2023-11-30
