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Q1 GDP growth simply 'jumps'; surprises All!

By TIOL News Service

NEW DELHI, SEPT 01, 2018: THE GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 percent. Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0 percent over the corresponding quarter of previous year.
 
The economic activities which registered growth of over 7 percent in Q1 of 2018-19 over Q1 of 2017-18 are ‘manufacturing,‘electricity, gas, water supply & other utility services’‘construction’ and‘public administration, defence and other services’. The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘Trade, hotels, transport, communication and services related to broadcasting’  and financial, real estate and professional services is estimated to be 5.3 percent, 0.1 percent, 6.7 percent, and 6.5 percent respectively during this period.

The first quarter estimates are based on agricultural production during Rabi season of 2017-18 obtained from the Ministry of Agriculture, Department of Agriculture & Cooperation (DAC), abridged financial results of listed companies from BSE/NSE, Index of Industrial Production (IIP), monthly accounts of Union Government Expenditure maintained by Controller General of Accounts (CGA) and of State Government expenditure maintained by Comptroller and Auditor General of India (CAG) for the period April-June 2018-19. With the introduction of Goods and Services Tax (GST) from 1st July 2017 and consequent changes in the tax structure, the total tax revenue used for GDP compilation includes non-GST revenue and GST revenue.

Performance of key sectors like transport including railways, road, air and water transport, etc., communication, banking and insurance during the period April-June 2018-19 have been taken into account while compiling the estimates. Performance of the corporate sector during April-June 2018-19 based on data received from BSE/NSE hasbeen taken into account.  Estimated growth in the indicator compiled on the basis of employee expenses, Profit before tax and depreciation of listed companies deflated by appropriate price indices has been used to extrapolate the corporate sector estimates of the same quarter of the previous year.


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