The National Statistics Office (NSO), operating under the Ministry of Statistics and Programme Implementation (MoSPI), has released the Quarterly Estimates of Gross Domestic Product (GDP) for the second quarter (July-September) of the fiscal year 2024-25.
For Q2 of FY 2024-25, Real GDP has grown by 5.4 percent, a decline from the 8.1 percent growth observed in Q2 of FY 2023-24. Despite subdued growth in Manufacturing (2.2 percent) and Mining & Quarrying (-0.1 percent), the Real Gross Value Added (GVA) for the first half (April-September) has shown a growth rate of 6.2 percent.
In Q2 of FY 2024-25, Real GVA grew by 5.6 percent, lower than the 7.7 percent growth recorded in Q2 of FY 2023-24. Meanwhile, Nominal GVA increased by 8.1 percent, compared to a 9.3 percent growth rate in the corresponding quarter of the previous year.
The Agriculture and Allied sector recovered, achieving a 3.5 percent growth rate in Q2 of FY 2024-25 after experiencing suboptimal growth rates between 0.4 percent and 2.0 percent over the last four quarters.
In the Construction sector, continued domestic demand for finished steel has contributed to growth rates of 7.7 percent in Q2 and 9.1 percent in the first half (H1) of FY 2024-25.
The Tertiary sector recorded a growth rate of 7.1 percent in Q2 of FY 2024-25, compared to 6.0 percent in the same quarter last year. Notably, the Trade, Hotels, Transport, Communication, and Broadcasting-related services segment grew by 6.0 percent, an improvement from the 4.5 percent growth in Q2 of FY 2023-24.
Private Final Consumption Expenditure (PFCE) expanded by 6.0 percent in Q2 and 6.7 percent in H1 of FY 2024-25, a significant rise from 2.6 percent and 4.0 percent growth rates in the same periods of the previous fiscal year. Government Final Consumption Expenditure (GFCE) also recovered, achieving a 4.4 percent growth rate following a series of quarters with low or negative growth.
Quarterly Estimates and Growth Rates
- Real GDP at Constant Prices for Q2 of FY 2024-25 is estimated at ₹10 lakh crore, up from ₹41.86 lakh crore in Q2 of FY 2023-24, reflecting a 5.4 percent growth rate.
- Nominal GDP at Current Prices for Q2 of FY 2024-25 is projected at ₹60 lakh crore, compared to ₹70.90 lakh crore in Q2 of FY 2023-24, reflecting an 8.0 percent growth rate.
- Real GVA for Q2 of FY 2024-25 is estimated at ₹58 lakh crore, growing 5.6 percent from ₹38.42 lakh crore in Q2 of FY 2023-24.
- Nominal GVA for Q2 of FY 2024-25 stands at ₹54 lakh crore, showing an 8.1 percent growth rate from ₹64.35 lakh crore in Q2 of FY 2023-24.
Half-Yearly Estimates and Growth Rates
- Real GDP at Constant Prices for H1 of FY 2024-25 is estimated at ₹74 lakh crore, marking a 6.0 percent growth over ₹82.77 lakh crore in H1 of FY 2023-24.
- Nominal GDP at Current Prices for H1 of FY 2024-25 is ₹91 lakh crore, showing an 8.9 percent growth over ₹141.40 lakh crore in H1 of FY 2023-24.
- Real GVA for H1 of FY 2024-25 is ₹30 lakh crore, reflecting a 6.2 percent growth compared to ₹76.54 lakh crore in H1 of FY 2023-24.
Nominal GVA for H1 of FY 2024-25 is estimated at ₹139.78 lakh crore, an 8.9 percent increase from ₹128.31 lakh crore in H1 of FY 2023-24.
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