GDP growth slows to 7.1% in FY17; demonetisation not factored in

 

LATEST NEWS – The country’s gross domestic product (GDP) growth is estimated to slow down to 7.1 per cent in current financial year from 7.6 per cent in 2015-16, mainly due to a slump in manufacturing, mining and construction sectors, the government data –  without factoring in ‘volatile’ post-demonetisation figures – showed on Friday.

Releasing the data compiled by the Central Statistics Office (CSO), Chief Statistician T C A Anant said the figures for November were available and examined but “it was felt in view of the policy of denotification of notes there is a high degree of volatility in theses figures and conscious decision was taken not make projection using the November figure”.

Accordingly, the ‘First Advance Estimates of National Income, 2016-17’ did not reflect the impact of demonetisation, effected on November 9 for ban of old Rs 500/1,000 notes, and are based on sectoral data for only seven months or till October.

Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs 121.55 lakh crore, as against the Provisional Estimate of GDP for the year 2015-16 of Rs 113.50 lakh crore, released May 31, 2016. READ MORE

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