GDP growth rate for 2019-20 expected to be 5% (previous fiscal 6.8%)
Part of: GS Prelims – National Income and GS-III- Economy
- GDP decline in 2019-20 s attributed to slowdown in Manufacturing (2%) and Construction sector (3.2%)
- Gross Domestic product(GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
- Gross value Addition (GVA) is the sum of a country’s GDP and net of subsidies and taxes in the economy (GVA=GDP+ Subsidies on Products−Taxes on Products)
- GVA gives a picture of the state of economy from the producers’ side or supply side, the GDP gives the picture from the consumers’ side or demand perspective