India’s Gross Domestic Product (GDP) grew 6.1 per cent year-on-year during the January-March, 2017 period according to government data.
With this, India loses its status of the world’s fastest growing economy. China’s GDP grew 6.9 per cent during the same quarter. The GDP growth rate for the full year (2016-17) came in at 7.1 per cent in line with official estimate compared to a revised growth figure of 8 per cent in FY16.
Agricultural sector, which expanded 4.9 per cent during 2016-17 compared to 0.7 percent in the previous year 2015-2016. During the fourth quarter (January-March 2017), the agriculture, forestry and fishing sectors grew 5.2 per cent, mining and quarrying grew 6.4 per cent, and manufacturing expanded 5.3 per cent.
Static Takeaways for SBI PO Mains Exam-
- Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly).
Source- The Hindu