According to Trading Economics global macro models and analysts, India’s GDP is predicted to reach 2850.00 USD billion by the end of 2021. According to our econometric models, India’s GDP will trend around 3000.00 USD Billion in 2022 and 3450.00 USD Billion in 2023 in the long run.
What is India’s GDP in 2019?
The government lowered the economic growth forecast for 2019-20 to 4% from 4.2 percent previously predicted, owing to decline in secondary sectors such as manufacturing and construction. In revised national account figures, the National Statistical Office stated, “Real GDP or GDP at constant (2011-12) prices for the years 2019-20 and 2018-19 stands at Rs 145.69 trillion and Rs 140.03 trillion, respectively, showing a rise of 4.0 percent in 2019-20 and 6.5 percent in 2018-19.”
What is the current GDP?
Retail and wholesale trade industries led the increase in private inventory investment. The largest contributor to retail was inventory investment by automobile dealers. Increases in both products and services contributed to the increase in exports. Consumer products, industrial supplies and materials, and foods, feeds, and beverages were the biggest contributions to the growth in goods exports. Travel was the driving force behind the increase in service exports. The rise in PCE was mostly due to an increase in services, with health care, recreation, and transportation accounting for the majority of the increase. The increase in nonresidential fixed investment was mostly due to a rise in intellectual property items, which was partially offset by a drop in structures.
The reduction in federal spending was mostly due to lower defense spending on intermediate goods and services. State and local government spending fell as a result of lower consumption (driven by state and local government employee remuneration, particularly education) and gross investment (led by new educational structures). The rise in imports was mostly due to a rise in goods (led by non-food and non-automotive consumer goods, as well as capital goods).
After gaining 2.3 percent in the third quarter, real GDP increased by 6.9% in the fourth quarter. The fourth-quarter increase in real GDP was primarily due to an increase in exports, as well as increases in private inventory investment and PCE, as well as smaller decreases in residential fixed investment and federal government spending, which were partially offset by a decrease in state and local government spending. Imports have increased.
In the fourth quarter, current dollar GDP climbed 14.3% on an annual basis, or $790.1 billion, to $23.99 trillion. GDP climbed by 8.4%, or $461.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases climbed 6.9%, compared to 5.6 percent in the third quarter (table 4). The PCE price index climbed by 6.5 percent, compared to a 5.3 percent gain in the previous quarter. The PCE price index grew 4.9 percent excluding food and energy expenses, compared to 4.6 percent overall.
Personal Income
In the fourth quarter, current-dollar personal income climbed by $106.3 billion, compared to $127.9 billion in the third quarter. Increases in compensation (driven by private earnings and salaries), personal income receipts on assets, and rental income partially offset a decline in personal current transfer receipts (particularly, government social assistance) (table 8). Following the end of pandemic-related unemployment programs, the fall in government social benefits was more than offset by a decrease in unemployment insurance.
In the fourth quarter, disposable personal income grew $14.1 billion, or 0.3 percent, compared to $36.7 billion, or 0.8 percent, in the third quarter. Real disposable personal income fell 5.8%, compared to a 4.3 percent drop in the previous quarter.
In the fourth quarter, personal savings totaled $1.34 trillion, compared to $1.72 trillion in the third quarter. In the fourth quarter, the personal saving rate (savings as a percentage of disposable personal income) was 7.4 percent, down from 9.5 percent in the third quarter.
GDP for 2021
In 2021, real GDP climbed 5.7 percent (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major subcomponents of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
PCE increased as both products and services increased in value. “Other” nondurable items (including games and toys as well as medications), apparel and footwear, and recreational goods and automobiles were the major contributors within goods. Food services and accommodations, as well as health care, were the most significant contributors to services. Increases in equipment (dominated by information processing equipment) and intellectual property items (driven by software as well as research and development) partially offset a reduction in structures in nonresidential fixed investment (widespread across most categories). The rise in exports was due to an increase in products (mostly non-automotive capital goods), which was somewhat offset by a drop in services (led by travel as well as royalties and license fees). The increase in residential fixed investment was primarily due to the development of new single-family homes. An increase in wholesale commerce led to an increase in private inventory investment (mainly in durable goods industries).
In 2021, current-dollar GDP expanded by 10.0 percent, or $2.10 trillion, to $22.99 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed by 3.9 percent, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, compared to 1.2 percent in the previous quarter. The PCE price index climbed 3.3 percent excluding food and energy expenses, compared to 1.4 percent overall.
Real GDP rose 5.5 percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a 2.3 percent fall from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases grew 5.5 percent, compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index climbed by 5.5 percent, compared to 1.2 percent for the year. The PCE price index increased 4.6 percent excluding food and energy, compared to 1.4 percent overall.
Source Data for the Advance Estimate
A Technical Note that is issued with the news release on BEA’s website contains information on the source data and major assumptions utilized in the advance estimate. Each version comes with a thorough “Key Source Data and Assumptions” file. Refer to the “Additional Details” section below for information on GDP updates.
What is the current GDP rate?
The nominal GDP, or GDP at current prices, for the year 2021-22 is anticipated to be 232.15 lakh crore, compared to a tentative estimate of 197.46 lakh crore for the year 2020-21. The nominal GDP growth rate is expected to be 17.6% in 2021-22.
What will be the GDP in 2021?
In addition to updated fourth-quarter projections, today’s announcement includes revised third-quarter 2021 wages and salaries, personal taxes, and government social insurance contributions, all based on new data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and wages climbed by $306.8 billion in the third quarter, up $27.7 billion from the previous estimate. With the addition of this new statistics, real gross domestic income is now anticipated to have climbed 6.4 percent in the third quarter, a 0.6 percentage point gain over the prior estimate.
In 2021, real GDP climbed by 5.7 percent, unchanged from the previous estimate (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major components of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
In 2021, current-dollar GDP climbed by 10.1 percent (revised), or $2.10 trillion, to $23.00 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed 3.9 percent, which was unchanged from the previous forecast, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, which was unchanged from the previous estimate, compared to a 1.2 percent gain. With food and energy prices excluded, the PCE price index grew 3.3 percent, unchanged from the previous estimate, compared to 1.4 percent.
Real GDP grew 5.6 (revised) percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a fall of 2.3 percent from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases climbed 5.6 percent (revised), compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index grew 5.5 percent, unchanged from the previous estimate, versus a 1.2 percent increase. The PCE price index grew 4.6 percent excluding food and energy, which was unchanged from the previous estimate, compared to 1.4 percent.
Which country has the highest GDP in 2021?
The United States and China would rank first and second in both methodology’ gdp rankings by 2021. The nominal gap between the US and China is narrowing, since China’s gdp growth rate of 8.02 percent in 2021 is higher than the US’s 5.97 percent. In nominal terms, the United States will be $6 trillion ahead of China in 2021. On a per-person basis, China surpassed the United States in 2017 and is now ahead by $4 trillion, with the gap widening. On a per capita basis, China will continue to be the world’s greatest economy for the next few decades, since the US, which is rated second, grows slowly and India, which is placed third, lags far behind.
In terms of nominal GDP, the top ten would remain same. Iran has surpassed the Netherlands, Saudi Arabia has surpassed Turkey, and Switzerland has surpassed Switzerland on the top 20 list. South Africa’s economic ranking would rise eight places in the top 50, while Egypt would drop four places.
There would be no change in the top 10 list in the ppp ranking. Taiwan overtaking Australia is another change in the top 20. Ireland will move up three places in the top 50.
In 2021, all of the economies in the top 50 will grow at a positive rate. With a 14.04 percent growth rate, Ireland is the fastest-growing economy, followed by Chile (11.00 percent ). Thailand has the slowest growth rate, at 0.96 percent, followed by the UAE (2.24 percent) and Japan (2.36 percent ).
In nominal terms, the United States (1,5) appears on both lists of the top 10 GDP and GDP per capita. In terms of GDP and GDP per capita, Germany (4,17), Canada (9,15), Australia (13,9), the Netherlands (18,12), and Switzerland (20,3) are among the top twenty countries. In both rankings, the United States (2,8) is in the top 10, while Germany (5,18) and Taiwan (18,15) are in the top twenty.
In India, how is GDP calculated?
- The GDP of India is estimated using two methods: one based on economic activity (at factor cost) and the other based on expenditure (at market prices).
- The performance of eight distinct industries is evaluated using the factor cost technique.
- The expenditure-based method shows how different aspects of the economy, such as trade, investments, and personal consumption, are performing.
What is India’s current GDP in 2022?
The nominal GDP for FY22 is expected to be Rs 236.44 lakh crore, up 19.4% from the previous year. This indicates the economy’s rapid rise in wholesale inflation. GDP growth was 5.4 percent in the third quarter of this fiscal year, compared to 8.5 percent in the second quarter.
What will the GDP be in 2020?
The fourth quarter saw a 6.7 percent growth in real gross output, which is a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs). Government remained constant, but private goods-producing businesses grew by 7.2 percent and private services-producing sectors grew by 7.8 percent (table 16). Durable goods manufacturing, professional, scientific, and technical services, and health care and social support were among the 22 industry categories that contributed to the growth in real gross production. Educational services, utilities, and housing and food services were among the industries that saw significant declines in gross output.
In 2020, real GDP fell 3.5 percent (from the 2019 annual level to the 2020 annual level), compared to a 2.2 percent growth in 2019. (table 1).
PCE, exports, private inventory investment, nonresidential fixed investment, and state and local government decreased real GDP in 2020, partially offset by increases in federal government spending and residential fixed investment. Imports are down (table 2).
A drop in services more than compensated for the decrease in PCE in 2020. (led by food services and accommodations, health care, and recreation services). The drop in exports was due to a drop in both services (driven by travel) and goods (mainly non-automotive capital goods). Private inventory investment fell as a result of broad losses in retail trade (mostly auto dealers) and wholesale trade (mainly durable goods industries). Structures (dominated by mining exploration, shafts, and wells) and equipment (headed by transportation equipment) decreased in nonresidential fixed investment, which was partly offset by an increase in intellectual property products (more than accounted for by software). The drop in state and local government spending corresponded to a drop in consumer spending (led by compensation).
In 2020, the increase in federal government spending reflected an increase in nondefense consumer spending (led by an increase in purchases of intermediate services that supported the processing and administration of Paycheck Protection Program loan applications by banks on behalf of the federal government). Increases in upgrades, as well as brokers’ commissions and other ownership transfer costs, accounted for the majority of the increase in residential fixed investment.
In 2020, current-dollar GDP fell 2.3 percent, or $496.6 billion, to $20.94 trillion, compared to a 4.0 percent growth, or $821.3 billion, in 2019. (tables 1 and 3).
In 2020, the price index for gross domestic purchases climbed by 1.2 percent, compared to 1.6 percent in 2019. (table 4). In 2020, the PCE price index climbed 1.2 percent, compared to 1.5 percent in 2019. The PCE price index grew 1.4 percent excluding food and energy expenses, compared to 1.7 percent overall.
Real GDP fell by 2.4 percent in 2020, when measured from the fourth quarter of 2019 to the fourth quarter of 2020. (table 6). In comparison, in 2019 there was a 2.3 percent gain.
The price index for gross domestic purchases grew 1.2 percent in 2020, as assessed from the fourth quarter of 2019 to the fourth quarter of 2020. In comparison, in 2019 there was a 1.4 percent gain. The PCE price index climbed by 1.2 percent, compared to a 1.5 percent increase in the previous quarter. The PCE price index grew 1.4 percent excluding food and energy, compared to 1.6 percent overall.
In 2020, real GDI fell 3.5 percent, compared to a rise of 1.8 percent in 2019. (table 1). In 2020, the average of real GDP and real GDI fell 3.5 percent, compared to a 2.0 percent growth in 2019.
Profits from current output fell $130.2 billion in 2020, compared to a $7.6 billion increase in 2019. (table 10). Domestic financial businesses’ profits fell by $0.5 billion, compared to an increase of $38.0 billion. Domestic nonfinancial firms’ profits fell $55.7 billion, compared to a $23.3 billion drop in the previous year. Profits in the rest of the world fell $74.0 billion, compared to a $7.1 billion drop in the United States. Receipts fell $117.8 billion in 2020, while payments fell $43.8 billion.
Private goods-producing industries fell 2.7 percent in 2020, private services-producing industries down 3.9 percent, and government fell 2.1 percent (table 12). In total, 16 of the 22 industry groupings contributed to the real GDP decline in 2020. (table 13).
What is the formula for GDP?
Gross domestic product (GDP) equals private consumption + gross private investment + government investment + government spending + (exports Minus imports).
GDP is usually computed using international standards by the country’s official statistical agency. The Bureau of Economic Analysis in the United States is in charge of calculating GDP. Department of Commerce The System of National Accounts, compiled in 1993 by the International Monetary Fund (IMF), the European Commission, and the Organization for Economic Cooperation and Development (OECD), is the international standard for estimating GDP.