Gross Domestic Product is the key indicator of the economical development which shows the health of the national economy. The year-over-year index measures changes in the market value of goods and services produced in India, i.e. the percentage GDP growth or decline, compared to the previous year.
Source data for index calculation are collected by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation. CSO polls all sectors of the economy and calculates various indices, such as Industrial Production Index, Consumer Price Index and others. Data provided by government agencies and departments are also included in the GDP calculation.
India's GDP is calculated using two methods: on the basis of economic activity (at factor cost) and by expenditure (at market prices). The first method involves calculation using collected data on net value changes for each sector during a certain period of time. The following eight industry sectors are considered in this method:
According to the expenditure approach, the GDP is calculated as the sum of domestic expenditure on final goods and services. This includes expenses towards household consumption, capital formation, government expenditure and net trade balance.
Calculation results in these two methods may be different. However the difference is usually not that great. Calculation based on the economic activity allows evaluating the state of each sector, while the expenditure method reflects various economy areas, such as trading and investment.
Analysts prefer tracking quarterly data, as it enables quicker evaluation of the economy state. GDP growth indicates that the economy is expanding. Therefore, the indicator increase is seen as positive for Indian rupee quotes.
The chart of the entire available history of the "India Annual Gross Domestic Product (GDP) y/y" macroeconomic indicator.
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