The Indian economy shrank 23.9% year-on-year in the second quarter of 2020, much worse than market forecasts of an 18.3% drop. It is the biggest contraction on record, as India imposed a coronavirus lockdown in late March and extended it several times, halting most economic activities. Still, India remains the third worst-affected country in the world by the pandemic. Construction (-50.3%), hotels and transportation (-47%) and manufacturing (-39.3%) recorded the biggest falls. Mining and quarrying (-23.3%); finance, real estate and business services (-5.3%); and utilities (-7%) also declined while the farm sector grew 3.4%. On the expenditure side, gross fixed capital formation recorded the biggest decrease (-47.1%). Private spending shrank 26.7%, inventories fell 20.8%, exports went down 19.8% and imports sank 40.4%. In contrast, government consumption jumped 16.4% as the government implemented relief measures to help curb the impact of the pandemic. source: Ministry of Statistics and Programme Implementation (MOSPI)

GDP Annual Growth Rate in India averaged 5.87 percent from 1951 until 2020, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -23.90 percent in the second quarter of 2020. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Annual Growth Rate in India is expected to be -10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in India to stand at 15.00 in 12 months time. In the long-term, the India GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 4.00 percent in 2022, according to our econometric models.

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India GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-23.90 3.10 11.40 -23.90 1951 - 2020 percent Quarterly
NSA, 2011-12 Prices


Calendar GMT Actual Previous Consensus TEForecast
2020-01-31 12:00 PM Fiscal Year GDP Growth Final 2018-19 6.1% 7% 5%
2020-02-28 12:00 PM YoY Q4 4.7% 5.1% 4.7% 4.6%
2020-05-29 12:15 PM YoY Q1 3.1% 4.1% 2.1% 1.9%
2020-08-31 12:00 PM YoY Q2 -23.9% 3.1% -18.3% -18%
2020-11-30 12:00 PM YoY Q3 -23.9% -10%


News Stream
India GDP Contracts 23.9% in Q2
The Indian economy shrank 23.9% year-on-year in the second quarter of 2020, much worse than market forecasts of an 18.3% drop. It is the biggest contraction on record, as India imposed a coronavirus lockdown in late March and extended it several times, halting most economic activities. Still, India remains the third worst-affected country in the world by the pandemic. Construction (-50.3%), hotels and transportation (-47%) and manufacturing (-39.3%) recorded the biggest falls. Mining and quarrying (-23.3%); finance, real estate and business services (-5.3%); and utilities (-7%) also declined while the farm sector grew 3.4%. On the expenditure side, gross fixed capital formation recorded the biggest decrease (-47.1%). Private spending shrank 26.7%, inventories fell 20.8%, exports went down 19.8% and imports sank 40.4%. In contrast, government consumption jumped 16.4% as the government implemented relief measures to help curb the impact of the pandemic.
2020-08-31
India GDP Growth Slows to 3.1%
The Indian economy expanded 3.1 percent year-on-year in the first quarter of 2020, beating market forecasts of a 2.1 percent rise. Still, it is the slowest GDP growth since quarterly data became available in 2004, as the country imposed a nationwide lockdown from March 24th aiming to contain the spread of the coronavirus. On the expenditure side, faster declines were seen for gross fixed capital formation (-6.5% vs -5.2% in Q4) and exports (-8.5% vs -6.1%) while imports fell at a slower pace (-7% vs -12.4%). Also, both private spending (2.7% vs 6.6%) and inventories (0.5% vs 1.1%) slowed sharply. On the production side, output fell for manufacturing (-1.4% vs -0.8%), the third straight quarter of contraction and construction (-2.2% vs 0%) and slowed for trade, hotels and transportation (2.6% vs 4.3%), finance and real estate (2.4% vs 3.3%) and public administration and defense (10.1% vs 10.9%).
2020-05-29
India GDP Growth Remains the Weakest Since 2013
The Indian economy expanded 4.7% yoy in Q4 2019, matching market expectations and following an upwardly revised 5.1% expansion in Q3 (4.5% earlier reported). It is the weakest growth rate since Q1 2013 considering the upward revision for the previous quarter. On the expenditure side, faster declines were seen for gross fixed capital formation (-5.2% vs -4.1% in Q3), exports (-5.5% vs -2.1%) and imports (-11.2% vs -9.3%) while private consumption growth accelerated (5.9% vs 5.6%). On the production side, gross value added expanded 4.5%, compared to 4.8% in Q3. The output for utilities (-0.7% vs 3.9% in Q3) and manufacturing (-0.2% vs -0.4%) contracted and construction slowed sharply (0.3% vs 2.9%). On the other hand, faster increases were seen for finance and real estate (7.3% vs 7.1%); the farm sector (3.5% vs 3.1%); trade, hotels, transport and communication (5.9% vs 5.8%); and mining and quarrying (3.2% vs 0.2%).
2020-02-28
India GDP Growth Revised Down in 2018/19
The Indian economy expanded 4.5 percent year-on-year in the three months to September of 2019, the weakest pace since the first three months of 2013, mainly due to a fall in factory output and exports and a slowdown in investment. For the 2018-19 fiscal year which ended in March 2019, the economy advanced 6.1 percent, the least since fiscal year 2013 and below an initial estimate of 6.8 percent. Growth for the 2017-18 fiscal year was also revised lower to 7 percent from 7.2 percent. The government expects GDP growth to fall to 5 percent in the 2019-20 fiscal year, the least since fiscal 2008-09 but to pick up to 6-6.5 percent in the fiscal year starting on April 1st 2020.
2020-01-31

India GDP Annual Growth Rate
The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.