NSO released Revised Estimates of Economic Growth

The National Statistical Office (NSO) has released the revised estimates of Gross Domestic Product (GDP) data on January 29, 2020. The data was revised for the for the fiscal years 2017-18 to 2019-20.

Highlights

• The first revised estimates figured the GDP growth at 4 percent for the fiscal year 2019-20. This was 20 basis point lower than the provisional estimates of 4.2% growth that was released in 2020.
• This highlights that, the projected contraction of GDP at 7.7% in 2020-21 will increase to 7.8%.
• The second revised estimate of GPD for 2018-19 is 6.5 percent while the third revised estimates of GDP growth for 2017-18 is 6.8 percent.
• Earlier, the GDP growth for 2018-19 and 2017-18 was 6.1 percent and 7 percent.
• Further, this revised estimates for 2019-20 have reduced growth in the primary and secondary sectors. However, it projects a positive growth trajectory for the tertiary sector.
• The Gross Value Added (GVA) in the secondary sector shows a 1.1% contraction in 2019-20 while the GVA for the Tertiary sector is expected to grow at 7.2 percent in the revised estimate.

National Statistical Office (NSO)

The National Statistical Office (NSO) was formed through the merger of the National Sample Survey Office (NSSO) with the Central Statistics Office (CSO). The NSO is headed by Secretary of the Statistics and Programme Implementation (S&PI). NSO have three Director Generals (DG) namely the DG of Statistics, DG of Coordination, Administration and Policy and DG of National Sample Survey. They all reports to the Secretary (S&PI). The NSSO and CSO was merged together with the objective of streamlining and strengthening the nodal functions of the ministry. It also seeks to bring in more synergy by integrating the administrative functions within the ministry. NSO works under the aegis of Ministry of Statistics and Programme Implementation (MoSPI).

Gross domestic product (GDP)

It is a monetary measure of the market value for all the final goods and services that are produced in a specific time period.

Gross value added (GVA)

It is the measure of the value of goods and services that are produced in an area, industry or sector of the economy. It is the value of output minus the value of intermediate consumption.

Month: Current Affairs - January, 2021