ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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GDP Growth?

Slump in the manufacturing sector and slack consumption demand remain major concerns.

The provisional estimates of the national accounts for 2022–23, released by the National Statistical Office, threw up some surprises. The growth of gross domestic product (GDP) slowed down from 9.1% in 2021–22 to 7.2% in 2022–23, a fall of around 2 percentage points. Consequently, the growth of per capita income also fell by more than a percentage point from 7.6% to 6.3% during the period.

The optimists take comfort in the fact that the slowdown was lower than anticipated. They also feel reassured by the numbers which show that the GDP growth in the two years after the pandemic averaged higher than that of the two pre-pandemic years and the medium-term growth rate. The sectoral gains were also reassuring. This is because the pickup was marked in both
industry and services. However, the average growth rate in agriculture has slowed down marginally in the post-pandemic years. But it still hovered close to the medium-term trend rates.

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Updated On : 5th Jul, 2023
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