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Following is the text of the statement issued by the Department of Economic Affairs, Ministry of Finance on GDP Advance Estimates for 2008-09, here today.
"As per the Advance Estimates of GDP for 2008-09 released by the Central Statistical Organisation on 9, February, 2009, the growth of GDP at factor cost (at constant 99-2000 prices) is estimated to grow at 7.1 per cent during the year. The growth of GDP during 2007-08 (Quick estimates) was 9.0 per cent.
As per the above estimates, the growth rate for Agriculture, Industry and Services is estimated to be 2.6 per cent, 4.8 per cent and 9.6 per cent respectively in 2008-09. In the quick estimates for 2007-08, the corresponding growth rates for these three sectors were 4.9, 8.1 and 10.9 per cent respectively.
Viewed from the demand side, the growth in Private Final Consumption Expenditure is expected to moderate to 6.7 per cent in 2008-09 from 8.1 per cent in 2007-08. The growth in Government Final Consumption Expenditure is estimated to increase from 7.4 per cent in 2007-08 to 16.8 per cent in 2008-09. Growth in Gross Fixed Capital Formation is anticipated to decline to 8.9 per cent from a 12.9 per cent in 2007-08. This increase in growth of Government Final Consumption Expenditure will offset partially the decline in Private Final Consumption Expenditure and would result in GDP growth at constant market prices to touch 7.1 per cent in 2008-09.
The Per Capital income at current prices is estimated to grow at 14.4 per cent during 2008-09 to reach Rs 38,084 as compared to a growth of 12.7 per cent during 2007-08. At constant prices the per capita income is expected to grow at 5.6 percent in 2008-09 as compared to a growth of 7.6 percent in 2007-08."
Growth of GDP at Factor Cost at Constant 99-2000 Prices
|
| 2006-07 | 2007-08 | 2008-09 |
1 | Agriculture, forestry & fishing | 4.0 | 4.9 | 2.6 |
2 | Industry | 11.0 | 8.1 | 4.8 |
a | Mining & quarrying | 8.8 | 3.3 | 4.7 |
b | Manufacturing | 11.8 | 8.2 | 4.1 |
c | Electricity, gas & water supply | 5.3 | 5.3 | 4.3 |
d | Construction | 11.8 | 10.1 | 6.5 |
3 | Services | 11.2 | 10.9 | 9.6 |
a | Trade, hotels, transport & communication | 12.8 | 12.4 | 10.3 |
b | Financing, Insurance, Real estate & Business services | 13.8 | 11.7 | 8.6 |
c | Community, social & personal services | 5.7 | 6.8 | 9.3 |
4 | GDP at factor cost | 9.7 | 9.0 | 7.1 |
Share in different sectors in GDP
(at factor cost at constant prices)
| 2006-07 | 2007-08 | 2008-09 |
|
|
|
|
Agriculture, forestry & fishing | 18.5 | 17.8 | 17.1 |
Industry | 26.7 | 26.5 | 25.9 |
Mining & quarrying | 2.1 | 2.0 | 1.9 |
Manufacturing | 15.3 | 15.2 | 14.8 |
Electricity, gas & water supply | 2.1 | 2.0 | 2.0 |
Construction | 7.2 | 7.2 | 7.2 |
Services | 54.8 | 55.7 | 57.0 |
Trade, hotels, transport & communication | 27.1 | 28.0 | 28.8 |
Financing, insurance, real estate & business services | 14.3 | 14.6 | 14.8 |
Community, social & personal services | 13.4 | 13.1 | 13.4 |
GDP at factor cost | 100.0 | 100.0 | 100.0 |
| Full Year | Full Year | Full Year | Full Year | Full Year |
| 2004-05 | 2005-06 | 2006-07(prov) | 2007-08(QE) | 2008-09(AE) |
|
|
|
|
|
|
Private consumption | 5.5 | 6.8 | 6.4 | 8.1 | 6.7 |
Govt consumption | 3.6 | 6.2 | 5.5 | 7.4 | 16.8 |
GFCF | 18.9 | 17.6 | 14.5 | 12.9 | 8.9 |
Valuables/Change in Stocks | 93.8 | 32.9 | 8.6 | 34.3 | 24.1 |
GDP MP | 8.3 | 9.3 | 9.7 | 9.1 | 7.1 |
|
|
|
|
|
|
Private Consumption | 60.9 | 59.5 | 57.7 | 57.2 | 57 |
Govt. Consumption | 10.6 | 10.3 | 9.9 | 9.8 | 11 |
GFCF | 27.2 | 29.2 | 30.5 | 31.6 | 32 |
Valuables/Change in stocks | 2.9 | 3.5 | 3.5 | 4.3 | 5 |
GDP MP | 100.00 | 100.00 | 100.0 | 100.0 | 100.0 |
BSC/BY/SS/GN-36/09
GDP growth estimate shows moderation as services lead while government spending partly offsets private slowdown. Advance estimates project GDP at factor cost to grow 7.1 per cent in 2008-09, with agriculture slowing to 2.6 per cent, industry to 4.8 per cent and services remaining strongest at 9.6 per cent. On the demand side, private consumption moderates while government consumption rises sharply, partially offsetting the decline; gross fixed capital formation decelerates. Nominal per capita income growth outpaces real per capita income growth, reflecting slower real income expansion. of Press 'Enter' after typing page number.
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