FY20 GDP grew even slower at 4%
The government on Friday revised downwards the economic growth rate for 2019-20 to 4 per cent from 4.2 per cent estimated earlier, mainly due to contraction in secondary sectors like manufacturing and construction.
“Real GDP or GDP at constant (2011-12) prices for the years 2019-20 and 2018-19 stands at ~145.69 trillion and ~140.03 trillion, respectively, showing a growth of 4.0 per cent during 2019-20 and 6.5 per cent during 2018-19,” National Statistical Office said in revised national account data.
Under the first revision released in January 2020, real GDP or GDP at constant (2011-12) prices for 2018-19 was pegged at ~139.81 trillion, showing a growth of 6.1 per cent.
“The growth in real GVA during 2019-20 has been lower than that in 2018-19 mainly due to relatively lower growth in mining and quarrying, manufacturing, electricity, gas, water supply and other utility services, construction, trade, repair, hotels and restaurants and financial services,” the data said.
During 2019-20, the growth rates of the primary sector (comprising agriculture, forestry, fishing and mining and quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary sector (services) have been estimated as 3.3 per cent, (-)1.1 per cent and 7.2 per cent as against a growth of 2.2 per cent, 5.8 per cent, and 7.2 per cent, respectively, in the previous year. Nominal net national income at current prices for 2019-20 stands at ~179.94 trillion as against ~167.05 trillion in 2018-19, showing a growth of 7.7 per cent as against a rise of 10.3 per cent in the previous year.
Per capita income i.e. per capita net national income at current prices is estimated at ~1,25,883 and ~1,34,186, respectively, for 2018-19 and 2019-20. Per capita PFCE at current prices, for 2018-19 and 2019-20 is estimated at ~84,567 and ~91,790, respectively.