The Indian economy expanded 4.1% year-on-year in the first three months of 2022, slightly higher than market forecasts of 4%, but the least in a year, due to rising Omicron infections, elevated energy prices, and ongoing supply chain constraints. A slowdown was seen in mining and quarrying (6.7% vs 9.2% in Q4) and communication (5.3% vs 6.3%) while manufacturing output edged 0.2% lower (vs +0.3%). On the other hand, faster increases were seen for utilities (4.5% vs 3.7%) and the farm sector (4.1% vs 2.5%) while construction rebounded (2% vs -2.8%). On the consumption side, household spending slowed sharply (1.8% vs 7.4% in Q4) and both exports (16.9% vs 23.1%) and imports (18% vs 33.6%) growth also eased. In contrast, government spending increased more (4.8% vs 3%), and gross fixed capital formation accelerated (5.1% vs 2.1%). Considering the fiscal year ended in March 2022, the economy advanced 8.7%. RBI estimates the GDP growth rate for FY 2023 at 7.2%. source: Ministry of Statistics and Programme Implementation (MOSPI)
GDP Annual Growth Rate in India averaged 5.81 percent from 1951 until 2022, reaching an all time high of 20.10 percent in the second quarter of 2021 and a record low of -23.80 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 June of 2022.
GDP Annual Growth Rate in India is expected to be 16.20 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 3.50 percent in 2023 and 4.80 percent in 2024, according to our econometric models.