Q3 GDP grew by 8.4%, beats all the estimates

In the third quarter of the fiscal year 2023-24, India’s GDP surged to 8.4%, surpassing the revised estimate of 8.2% in the first quarter and 8.1% in the second quarter. Initial estimates by the National Statistics Office (NSO) had anticipated a 7.7% increase in real GDP for the first half of the fiscal year. The NSO has now revised its GDP growth projection for the entire year from 7.3% in early January to 7.6%, despite initially scaling down the growth to 7.2%.

Gross Value Added (GVA) growth is reported to have declined to 6.5% in the third quarter, compared to revised estimates of 8.2% and 7.7% in the first and second quarters, respectively.

The robust GDP growth of 8.4% in Q3 has been attributed to the impressive double-digit expansion of the construction sector (10.7%) and substantial growth in the manufacturing sector (8.5%) during the fiscal year 2023-24, as highlighted by the government. These sectors are identified as pivotal contributors to the remarkable economic performance in the ongoing financial year.

Here’s a good breakdown from the Ministry of Finance :point_down:
https://x.com/FinMinIndia/status/1763208971597291544?s=20

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