The country’s GDP- 2021-22 GDP data: GDP is estimated at 9.2% for the current fiscal year 2021-22. The Central Bureau of Statistics (CSO) released the first forecast estimate of annual GDP growth on Tuesday. In the last fiscal year 2020-21, the GDP (minus) was – 7.3%. However, the figures released by the government are lower than the RBI estimate of 9.5%.
The manufacturing sector should perform better
These figures of the GDP(The country’s GDP) of the Ministry of Statistics will serve as the basis for the preparation of the budget. According to these figures, the agricultural sector will show a growth rate of 3.9% in 2021-22 against 3.6% in 2020-21. At the same time, the manufacturing sector will grow by 12.5%, while in 2020-21 this sector was – 7.2%. Mines and quarries will show a growth rate of 14.3% in 2021-2022 against -8.5% in 2020-2021. The growth rate of electricity, gas, water supply and other utilities is estimated at 8.5% compared to 1.9% in 2020-2021.
The construction sector will grow by 10.7% in 2021-2022 while 2020-2021 will grow by -8.6%. Services related to commercial hotels, transportation, communications and broadcasting will increase at the rate of 11.9%, while in 2020-21 – there was a growth rate of 18.2%. Financial, real estate and professional services will experience growth of 4% against growth of minus 1.5% in 2020-2021. Public administration, defense and other services will experience growth of 10.7% compared to minus 4.6% growth in 2020-2021.