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%). source: Ministry of Statistics and Programme Implementation (MOSPI)

The Gross Domestic Product (GDP) in India expanded 7.60 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in India averaged 5.93 percent from 1951 until 2023, reaching an all time high of 21.60 percent in the second quarter of 2021 and a record low of -23.40 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 December of 2023.

The Gross Domestic Product (GDP) in India expanded 7.60 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in India is expected to be 6.70 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 4.80 percent in 2024 and 3.90 percent in 2025, according to our econometric models.

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India GDP Annual Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-08-31 12:00 PM
GDP Growth Rate YoY
Q2 7.8% 6.1% 7.7% 7.5%
2023-11-30 12:00 PM
GDP Growth Rate YoY
Q3 7.6% 7.8% 6.8% 6.8%
2024-02-29 12:00 PM
GDP Growth Rate YoY
Q4 7.6% 6.7%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 2.10 percent Jun 2023
GDP Annual Growth Rate 7.60 7.80 percent Sep 2023
GDP Constant Prices 41743.12 40371.44 INR Billion Sep 2023
Gross Fixed Capital Formation 14719.38 14008.32 INR Billion Sep 2023
Full Year GDP Growth 7.20 9.10 percent Mar 2023
GDP from Utilities 962.49 927.04 INR Billion Sep 2023
GDP from Public Administration 5085.74 4746.78 INR Billion Sep 2023
GDP from Mining 712.29 875.87 INR Billion Sep 2023
GDP from Manufacturing 7154.65 6677.70 INR Billion Sep 2023
GDP from Construction 3049.38 2983.93 INR Billion Sep 2023
GDP from Agriculture 4353.71 5139.46 INR Billion Sep 2023

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
7.60 7.80 21.60 -23.40 1951 - 2023 percent Quarterly
NSA, 2011-12 Prices

News Stream
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
India GDP Growth Accelerates in April-June
India's economy expanded by 7.8% in the April-June quarter, the most in a year and slightly surpassing market expectations of a 7.7% expansion. The robust performance of the service sector was the main driver of GDP growth, accompanied by strong consumer demand and increased government capital expenditure. Private consumption, which accounts for nearly 60% of the economy, grew about 6% (vs 2.8% in Jan-Mar), while capital formation growth eased to about 8% (vs 8.9%). By industry, growth was driven by financial, real estate and professional services (12.2%); trade, hotels, transport, communication and services related to broadcasting (9.2%); public administration, defense and other services (7.9%); construction (7.9%); mining and quarrying (5.8%); manufacturing (4.7%); agriculture (3.5%); and utilities (2.9%). According to forecasts released by the Reserve Bank of India, Asia's third-largest economy is projected to expand by 6.5% in this fiscal year.
2023-08-31
India GDP Growth Rate Beats Forecasts at 6.1%
The Indian economy expanded 6.1% year-on-year in Q1 2023, higher than an upwardly revised 4.5% in Q4 2022 and well above market forecasts of 5%. The expansion was mainly boosted by private consumption, services exports and manufacturing amid easing input cost pressures. Also, services have emerged as a major driver, comprising more than half of GDP. Private spending rose at a faster 2.8% (vs 2.2% in Q4 2022), public expenditure rebounded (2.3% vs -0.6%), GFCF rose faster (8.9% vs 8%), stocks recovered (5.9% vs -0.1%), and exports (11.9% vs 11.1%) increased way more than imports (4.9% vs 10.7%). On the production side, the manufacturing sector grew for the first time in three quarters (4.5% vs -1.4%) and faster increases were recorded for the farm sector (5.5% vs 4.7%), construction (10.4% vs 8.3%), financial and real estate (7.1% vs 5.7%), and public administration (3.1% vs 2%). GDP Growth for the 2022-23 fiscal year was revised higher to 7.2% from 7%.
2023-05-31