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The National Statistical Office recently released the first revised GDP estimates for the fiscal year 2021. According to the estimates, the GDP contracted by 6.6%. Earlier, the GDP had contracted by 7.3%. The contraction is mainly due to COVID pandemic and the lockdown imposed.
What do the estimates say?
The contraction of GDP in 2021 creates a less approving base for the fiscal year 2022. This is to further contract the growth to 8.8% in 2022. The NSO expects this might change in 2023 and the GDP might jump ahead.
Growth rates of different sectors
The growth rates for 2020-21 are as follows:
Real Price: It is the recent price of goods and service in the country. It is the market price. It is an adjusted price.
Nominal Price: It is an unadjusted price. It does not include inflation.
By: Brijesh Kumar ProfileResourcesReport error
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