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

GDP Annual Growth Rate in India averaged 5.90 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 -23.20 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 August of 2023.

GDP Annual Growth Rate in India is expected to be 6.20 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 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
2023-02-28 12:00 PM Q4 4.4% 6.3% 4.6% 4.4%
2023-05-31 12:00 PM Q1 6.1% 4.5% 5% 5.1%
2023-08-31 12:00 PM Q2 6.1% 7.7% 7.5%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 1.00 percent Mar 2023
GDP Annual Growth Rate 6.10 4.50 percent Mar 2023
GDP Constant Prices 43615.15 40226.25 INR Billion Mar 2023
Gross Fixed Capital Formation 15380.71 12734.53 INR Billion Mar 2023
Full Year GDP Growth 7.20 9.10 percent Mar 2023
GDP from Utilities 852.97 815.37 INR Billion Mar 2023
GDP from Public Administration 4876.03 4813.85 INR Billion Mar 2023
GDP from Mining 981.04 790.22 INR Billion Mar 2023
GDP from Manufacturing 7382.00 6132.42 INR Billion Mar 2023
GDP from Construction 3918.11 3047.10 INR Billion Mar 2023
GDP from Agriculture 6071.31 7004.72 INR Billion Mar 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
6.10 4.50 21.60 -23.20 1951 - 2023 percent Quarterly
NSA, 2011-12 Prices

News Stream
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
India GDP Growth Below Forecasts in Q4
The Indian economy expanded 4.4% year-on-year in the three months to December of 2022, below 6.3% in the three months to September and forecasts of 4.6%. Private spending which accounted for 61.6% of the GDP in Q4, slowed sharply (2.1% vs 8.8% in Q3), hurt by a rise in borrowing costs. At the same time, investment rose at a slower pace (8.3% vs 9.7%), government spending contracted (-0.8% vs -4.1%) and both exports (11.3% vs 12.3%) and imports (10.9% vs 25.9%) lost steam. On the other hand, stocks rebounded (0.2% vs -2.3%). On the production side, the manufacturing sector shrank for a second time (-1.1% vs -3.6%) and a slowdown was seen in finance and real estate (5.8% vs 7.1%) and trade, hotels, transport and communication (9.7% vs 15.6%). In contrast, output in the mining sector rebounded (3.7% vs -0.4%) and faster increases were seen in farm (3.7% vs 2.4%), utilities (8.2% vs 6%) and construction (8.4% vs 5.8%). The growth rate for the 2022/2023 fiscal year was kept unchanged at 7%.
2023-02-28
India GDP Growth Slows to 6.3% in Q3
The Indian economy expanded 6.3% yoy in Q3 2022, slightly higher than forecasts of 6.2%, but well below a 13.5% growth in Q2, as distortions caused by COVID lockdowns faded, high prices and rising interest rates weighed on demand and slowing global demand started to impact exports. Private spending slowed sharply (9.7% vs 25.9%), investment growth halved (10.4% vs 20.1%), and both exports (11.5% vs 14.7%) and imports (25.4% vs 37.2%) rose at a slower pace. Meanwhile, stocks declined faster (-19.4% vs -17.4%) and public expenditure shrank (-4.4% vs 1.3%). On the other hand, government spending increased more than 40% as the government stepped up expenditure on infrastructure. On the production side, trade, hotels, transport, and communication recorded the biggest increase (14.7%), followed by financial, real estate (7.2%), construction (6.6%), public administration (6.5%), utilities (5.6%) and farm (4.6%). On the other hand, both manufacturing (-4.3%) and mining (-2.8%) contracted.
2022-11-30