India GDP Annual Growth Rate  1951-2017 | Data | Chart | Calendar

The Indian economy advanced 6.1 percent year-on-year in the first quarter of 2017, slowing sharply from a 7 percent expansion in the previous period and well below market expectations of 7.1 percent. It is the lowest growth rate since the last quarter of 2014, due to a slowdown in consumer spending and a drop in investment, following the demonetization program started in November of 2016 that removed 86 percent of India's currency in circulation. In addition, the government changed the GDP base year for 2011-2012 from 2004-2005. The same change was made earlier for industrial production and wholesale prices indexes, with adjustments in the weights of the different industries. Considering the April 2016-March 2017 period, the economy advanced 7.1 percent, in line with the official estimate but below 8 percent in the previous year. GDP Annual Growth Rate in India averaged 6.12 percent from 1951 until 2017, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -5.20 percent in the fourth quarter of 1979.

India GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2016-11-30 12:00 PM Q3 7.3% 7.1% 7.5% 7.2%
2017-02-28 12:15 PM Q4 7% 7.4% 6.4% 6.6%
2017-05-31 12:00 PM Q1 6.1% 7% 7.1% 7%
2017-08-31 12:00 PM Q2 6.1% 6.5%
2017-11-30 12:00 PM Q3 7%




India GDP Growth Unexpectedly Slows To 6.1% In Q1


The Indian economy advanced 6.1 percent year-on-year in the first quarter of 2017, slowing sharply from a 7 percent expansion in the previous period and well below market expectations of 7.1 percent. It is the lowest growth rate since the last quarter of 2014, due to a slowdown in consumer spending and a drop in investment, following the demonetization program started in November of 2016 that removed 86 percent of India's currency in circulation. In addition, the government changed the GDP base year for 2011-2012 from 2004-2005. The same change was made earlier for industrial production and wholesale prices indexes, with adjustments in the weights of the different industries. Considering the April 2016-March 2017 period, the economy advanced 7.1 percent, in line with the official estimate but below 8 percent in the previous year.

Year-on-year, private spending rose 7.3 percent, slowing from an 11.1 percent gain in Q4 2016 and gross fixed capital formation shrank 2 percent, following a 1.6 percent gain in Q4. In addition, exports (10.3 percent compared to 4 percent in Q4) rose less than imports (11.9 percent compared to 2.1 percent in Q4). In contrast, government expenditure jumped 31.9 percent, higher than 20.9 percent in Q4.

GDP estimates for Q1 already include revised data for industrial production and wholesale prices. The government changed the base year for those indicators earlier in May, aiming to align them and make them more representative. Manufacturing has now a higher weight in the industrial production index (77.6 percent form 75.5 percent) while electricity production accounts for less (8 percent from 10.3 percent).

The Gross Value Added, that is, GDP excluding taxes, increased 5.6 percent year-on-year in Q1 of 2017, lower than 6.7 percent in Q4 2016. Construction shrank 3.7 percent (+3.4 percent in Q4 2016) and slowdowns were recorded for trade, hotels, transport and communication (6.5 percent from 8.3 percent); financial and real estate activities (2.2 percent from 3.3 percent); manufacturing (5.3 percent from 8.2 percent); agriculture (5.2 percent from 6.9 percent) and utilities (6.1 percent from 7.4 percent). In contrast, mining and quarrying (6.4 percent from 1.9 percent) and public administration and defence (17 percent from 10.3 percent) rose faster.

Joana Taborda | joana.taborda@tradingeconomics.com
5/31/2017 1:54:06 PM



India GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.50 1.50 6.20 -2.30 percent [+]
GDP Annual Growth Rate 6.10 7.00 11.40 -5.20 percent [+]
GDP 2263.52 2111.75 2263.52 36.54 USD Billion [+]
GDP Constant Prices 32284.27 30407.63 32284.27 7500.43 INR Billion [+]
Gross National Product 12034713.00 11246305.00 12034713.00 8659215.00 INR Tens Of Million [+]
Gross Fixed Capital Formation 9190.40 8957.40 9384.88 2021.90 INR Billion [+]
GDP per capita 1861.50 1758.00 1861.50 304.20 USD [+]
GDP per capita PPP 6092.60 5754.10 6092.60 1737.60 USD [+]
GDP From Agriculture 4493.13 5468.54 5468.54 2690.55 INR Billion [+]
GDP From Construction 2197.52 2278.05 2293.21 1855.78 INR Billion [+]
GDP From Manufacturing 5331.94 4788.56 5331.94 3305.81 INR Billion [+]
GDP From Mining 988.17 798.16 988.17 551.10 INR Billion [+]
GDP From Public Administration 3709.73 3734.83 3734.83 2328.98 INR Billion [+]
GDP From Utilities 593.20 594.03 610.18 463.21 INR Billion [+]


India GDP Annual Growth Rate Notes

By industry, 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. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
6.10 7.00 11.40 -5.20 1951 - 2017 percent Quarterly
NSA, 2011-12 Prices



gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 6.10 Mar/17
Indonesia 5.01 Mar/17
Turkey 5.00 Mar/17
Netherlands 3.20 Mar/17
Spain 3.00 Mar/17
South Korea 2.90 Mar/17
Mexico 2.80 Mar/17
Canada 2.30 Mar/17
United States 2.10 Mar/17
United Kingdom 2.00 Mar/17
Euro Area 1.90 Mar/17
Australia 1.70 Mar/17
Germany 1.70 Mar/17
Japan 1.30 Mar/17
Italy 1.20 Mar/17
France 1.10 Mar/17
Switzerland 1.10 Mar/17
Russia 0.50 Mar/17
Brazil -0.40 Mar/17