Explained: How to read Q1 GDP data

  • The data showed that in Q1 of 2021-22, India’s GDP grew by 20.1% while the GVA grew by 18.8%. These are year-on-year comparisons; in other words, the total output of the Indian economy in the first three months of the current financial year was 20.1% more than the total output created by the economy in the same months last year.
  • The total output, as measured by GVA, grew by 18.1% YoY. It is important to remember that GDP and GVA had contracted by 24.4% and 22.4%, respectively, in Q1 of the last financial year.
  • GDP = C + I + G + NX. As the Table on GDP data shows, private demand, the biggest engine of growth, in Q1 of the current year was down to almost exactly the level where it was in 2017-18.
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