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Growth Rate of Real GDP
for 2024-25 is estimated as 6.5%
-Real GDP Growth Rate of 9.2% for 2023-24 is the highest in the previous 12 years except for 21-22
The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released on 28 February 2025 the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for Financial Year (FY) 2024-25; Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 along with its expenditure components and following Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation:
a. First Revised Estimates (FRE) for the Financial year 2023-24;
b. Second Revised Estimates or Final Estimates (FE) for the Financial year 2022-23.
These estimates are released both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts. Detailed Notes on: (i) Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) of FY 2024-25, Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 and (ii) Abovementioned Revised Estimates for financial years 2023-24 and 2022-23 are given respectively in Part A and Part B of the Press Note.
Key Highlights:
1. Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates.
2. As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%).
3. As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23, mainly contributed by double-digit growth rates in ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (12.3%), ‘Financial, Real Estate & Professional Services’ sector (10.8%) and ‘Electricity, Gas, Water Supply & Other Utility Services’ sector (10.8%).
4. Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%.
5. The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.
6. ‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25.
7. Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.
Quarterly Estimates and Growth Rates
Real GDP or GDP at Constant Prices in Q3 of FY 2024-25 is estimated at Rs. 47.17 lakh crore, against Rs. 44.44 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GDP or GDP at Current Prices in Q3 of FY 2024-25 is estimated at Rs. 84.74 lakh crore, against Rs. 77.10 lakh crore in Q3 of FY 2023-24, showing a growth rate of 9.9%.
Real GVA in Q3 of FY 2024-25 is estimated at Rs. 43.13 lakh crore, against Rs. 40.60 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GVA in Q3 of FY 2024-25 is estimated at Rs. 77.06 lakh crore, against Rs. 69.90 lakh crore in Q3 of FY 2023-24, showing a growth rate of 10.2%.