In 2012, India’s GDP was $1,827,640 million, putting it in tenth place out of 196 nations in our ranking of GDP.
What was the 2012 GDP?
The US economy is growing at a rate of 2.3 percent. As can be seen in the ranking of GDP of the 196 nations that we publish, the United States is the world’s leading economy in terms of GDP, with a total of $16,254,000 million in 2012. GDP in the United States increased by $654,300 million in absolute terms from 2011.
What was India’s GDP in 2012-13?
“When the ASI data is revealed, it’s probable that the 2012-13 statistics may be revised upward as well. For the past few years, this has been the pattern “Added he.
Although the lower revision in the previous fiscal year’s GDP estimates will offer a positive base effect for this year’s data, Chakraborty believes it is not large enough to warrant a change in his GDP projection for the current fiscal year. In 2013-14, he forecasts GDP to expand at 4.7 percent.
When the CSO first estimated 5% GDP growth for 2012-13 in February last year, Chidambaram criticized the approach, claiming that the economy was coming around and that growth would be “near to 5.5 percent” throughout the fiscal year.
Chidambaram expects growth to remain above 5% in the current fiscal year as well. Next Friday, the CSO will reveal its growth forecast for 2013-14.
The economy grew at a 4.6 percent annual rate in the first half of the current fiscal year, which ended on March 31, and most private analysts expect growth to slow further to below 5% for the full year.
According to the RBI’s macroeconomic projection, growth in the second half of 2013-14 may be marginally stronger than in the first half, owing to a rebound in farm output and improved exports.
“Industrial growth, on the other hand, has slowed, and leading indicators for the services sector show a mixed picture. Though no clear evidence of improvement have emerged, a slight comeback is expected in 2014-15. Achieving a long-term recovery will need resolving chronic inflation as well as constraints in the mining and infrastructure sectors “It was also mentioned.
However, there is near-universal agreement that growth will rise up significantly in 2014-15. For 2014-15, the International Monetary Fund (IMF) and the World Bank forecast economic growth of 5.4 percent and 6.2 percent, respectively.
The IMF said Tuesday in its World Economic Outlook update that India’s economy stepped up in 2013-14 as a result of a favorable monsoon and increased export growth.
Economic growth is likely to accelerate further as a result of better structural policies that encourage investment, according to the report.
After dipping below 5% in 2013-14, the RBI forecasts growth to perk up to roughly 5.5 percent in 2014-15. “With assistance from rural demand, a pick-up in exports, and some turnaround in investment demand, a moderately paced recovery is expected in the coming year. Growth in 2014-15 is expected to be in the range of 5 to 6%, with the possibility of exceeding this projected range as project approvals translate into investment, the global growth outlook improves, and inflation falls “It went on to say, “oftens.”
The size of the Indian economy has been revised to $1.6 trillion in 2012-13, based on the rupee’s Friday value of 62.66 versus the dollar.
Despite the fact that India’s real GDP increased at a slower rate than expected in 2012-13, its nominal GDP rose at a quicker rate of 12.2 percent, compared to 11.7 percent previously forecast. This might allow the government report a fiscal deficit of 5.15 percent of GDP in 2012-13, rather than the 5.2 percent forecast in the budget documents.
Separately, figures issued on Friday by the Controller General of Accounts indicated that the government met 95.2 percent of its fiscal deficit target in the first three quarters of this fiscal year (April-December), compared to 78.8 percent a year before.
The government has set a target of 4.8 percent of GDP for 2013-14, and finance minister Chidambaram has pledged that the budget deficit will not exceed the “red line.”
According to figures released on Friday, the Union government used 63.3 percent of the Plan expenditure target by December, compared to 56.8 percent during the same period previous year. In order to reach the budget deficit objective, the government routinely decreases Plan spending in the fourth quarter.
How much did GDP grow last year?
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 was India’s GDP from 2013 to 2014?
“The size of the economy has marginally fallen to Rs 113.45 lakh crore in 2013-14 under the new series from Rs 113.55 lakh crore (under the old series),” Chief Statistician T C A Anant said of the impact of the new statistics on the fiscal deficit, which is calculated as a percentage of GDP.
What was India’s highest GDP year?
From 1960 to 2020, India’s GDP averaged 658.35 USD billion, with a high of 2870.50 USD billion in 2019 and a low of 37.03 USD billion in 1960.
In 2013, what was the GDP?
The US economy is growing at a rate of 1.8 percent. As can be seen in the ranking of GDP of the 196 nations that we publish, the United States is the world’s leading economy in terms of GDP, with a total of $16,843,200 million in 2013. In comparison to 2012, the United States’ GDP increased by $589,200 million.
What is the state of India’s economy in 2013?
In 201314, revenue revenues totaled Rs 1,015,279 crore (US$ 169.85 billion), accounting for 8.9% of GDP. In 201314, gross tax collection was anticipated to be Rs 1,133,832 crore (US$ 189.68 billion), or 10% of GDP.
Is India’s economy the third largest in 2013?
LONDON: India has likely eclipsed Japan to become the world’s third largest economy after the United States and China, according to the Paris-based OECD, which also trimmed India’s economic growth forecast for 2013 to 5.3 percent.