Gross domestic product: GK, General Studies and Current Affairs

ADB: Asian Economy to shrink for First Time since 1960s

The Asian Development Bank have predicted that the Asian economy will shrink for the first time since the early 1960s amid the COVID-19 Pandemic. The report states that downfall in the level of growth will continue until the next year. Background The Development bank had earlier in June 2020 predicted that the Gross Domestic Product ..

GDP contracted by 23.9 % in first quarter of 2020-2021

According to the recent National Statistical Office (NSO) data, India’s Gross Domestic Product (GDP) growth contracted by 23.9% in the first (April-June) quarter of 2020. It is the sharpest contraction since India started reporting quarterly data in 1996. Key Points Construction, manufacturing, trade, hotels and other services and mining were the worst-hit sectors This reflects ..

India emerged as 5th largest economy in 2019

World Population Review, a US-based think tank, recently stated in its report that India emerged as the world’s fifth largest economy in 2019, with a GDP of $ 2.94 trillion. India has overtaken the UK and France, to be placed in the 5th position. The report also stated that in Purchasing power parity (PPP) terms, ..

IMF lowers from 6.1 to 4.8 Percent GDP Growth Rate for India

The Washington, D.C based international organization, International Monetary Fund (IMF)decreased India’s GDP growth forecast to 4.8 percent for this fiscal year, which is 1.3 percentage point lesser than its previous estimates. Chief Economist of the IMF, Gita Gopinath stated in a blogpost that the slow down in the Indian economy which resulted in weak rural ..

GDP estimated 5.0 per cent in First Advance Estimates of National Income 2019-20

In accordance with the release calendar of National Accounts, the First Advance Estimates of Gross Domestic Product (GDP) was released by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation on Tuesday, 7th January 2020, the corresponding estimates of Expenditure components of GDP was implemented along with the First Advance Estimates ..