India GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

8.4

Units In

7.6

Frequency

Quarterly

Next Release

May 31, 2024

Time to Release

2 Months 30 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
20.1 Jun 2021	-24.4 Jun 2020	5.89 %	1951-2023	Ministry of Statistics and Programme Implementation (MOSPI)

The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.

Latest Updates

The Indian economy expanded 8.4% year-on-year in Q4 2023, the strongest growth since Q2 2022, compared to an upwardly revised 8.1% in Q3 and beating forecasts of 6.6%. On the production side, faster increases were recorded for services (6.7% vs 4.5%), and finance and real estate (7% vs 6.2%). Also, the manufacturing sector continued to grow at a double digit pace (11.6% vs 14.4%) and production of utilities (9% vs 10.5%) and construction (9.5% vs 13.5%) remained robust. On the other hand, the farm sector contracted 0.8% (vs +1.6%) amid adverse weather conditions and the El Nino effect. On the expenditure side, private consumption rose at a faster 3.5% (vs 2.4% in Q3) and investment growth remained robust although it slowed (10.6% vs 11.6%). Both exports (3.4% vs 5.3%) and imports (8.3% vs 11.9%) rose at a slower pace and public expenditure contracted 3.2% after soaring 13.8% in Q3. Meanwhile, the estimate for the 2023/2024 fiscal year growth rate was revised higher to 7.6% from 7.3%