Fourth quarter GDP expands at 7.9%, ends year with 7.6% growth

The Central Statistics Office (CSO), on Tuesday, said that India’s Gross Domestic Product (GDP) grew by 7.9% ending the year with a total of 7.6% growth.

The GDP growth during the first three quarters of the year gone by stood at 7.5%, 7.6% and 7.2%, respectively. CSO said, “Real GDP or GDP at constant (2011-12) prices for the year 2015-16 is now estimated at Rs 113.50 lakh crore, showing a growth rate of 7.6% (similar to 7.6% estimated earlier) over the First Revised Estimates of GDP for the year 2014-15 of Rs 105.52 lakh crore, released on 29th January 2016.”

Sectors that performed
The sectors which registered growth rate of over 7% are 'financial, real estate and professional services' (10.3%), manufacturing (9.3%), ‘trade, hotels, transport, communication and services related to broadcasting’ (9%),  and ‘mining and quarrying’ (7.4%).  

The growth in the ‘agriculture, forestry and fishing’, ‘construction’, ‘electricity, gas, water supply & other utility services’, 'public administration, defence  and other services’ is estimated to be 1.2%, 3.9%, 6.6% and 6.6% respectively.
 
Agri shines?
The ‘agriculture, forestry and fishing’ sector has shown a growth rate of 1.2%, as against the growth rate of 1.1% in the Advance estimates. “The upward revision is on account of use of third advance estimates of crop production released by the Ministry of Agriculture.  

As per the third advance estimates,  the food grain production  was 252.23 million tonnes in  2015-16 which is higher than  the tentative estimates of food grain production used for compiling the Advance estimates,” CSO said.

It further said that the per capita income in real terms (at 2011-12 prices) during 2015-16 is likely to attain a level of Rs 77,435 as compared to Rs 72,889 for the year 2014-15. “The growth rate in per capita income is estimated at 6.2% during 2015-16, as against 5.8% in the previous year, it said in a statement.