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Finance Ministry Salient Features Emerging from Quarterly Estimates of GDP for Q1 of 2016-17 Released by CSO; Lower growth in Q1 of 2016-17 compared to Q1 of 2015-16 is attributable among others to increase in subsidies by 53 per cent which has resulted in lower growth of net indirect taxes

News and Press Release - Dated:- 1-9-2016 - The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the estimates of Gross Domestic Product (GDP) for the First Quarter (April-June) Q1, of 2016-17, both at constant (2011-12) and current prices, along with the corresponding quarterly estimates of expenditure components of the GDP. As per data released by the Central Statistics Office (CSO), GDP growth (measured in terms of constant 2011-12 market prices) f .....

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lined from 7.1 per cent in Q1 of 2015-16 to (-) 3.1 per cent in Q1 2016-17. The ratio of fixed capital formation (which is also called fixed investment) to GDP at current prices declined from 31.6 per cent in Q1 2015-16 to 28.3 per cent in Q1 2016-17. On the other hand, the Finance Ministry further states the growth in governmental final consumption expenditure, in real terms, increased to 18.8 per cent in Q1 2016-17 from (-) 0.2 per cent in Q1 2015-16. The growth of private final consumption (m .....

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d marginally from 7.2 per cent in Q1 2015-16 to 7.3 per cent in Q1 of 2016-17. GVA growth is higher than the GDP growth because the growth in net indirect taxes declined from 11.9 per cent in Q1 2015-16 to 3.6 per cent in Q1 2016-17. As already stated above, the Finance Ministry states that the increase in net indirect taxes is attributable to an increase in subsidies by 53 per cent despite a significant increase in indirect taxes. The growth in agriculture and allied sectors is estimated at 1.8 .....

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