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GDP growth slows to an 11-year low of 4.2%

Part of: GS-Prelims and GS-III – Economy

In News:

According to data released by the National Statistical Office, economic growth slowed to an 11-year low of 4.2% in 2019-20.
In the final quarter of the year (January-March, 2020) the growth rate of Gross Domestic Product (GDP) fell to 3.1%.

IAS UPSC Prelims and Mains Exam – 4th June 2020

Image source: The Hindu

Important value additions

Gross Domestic Product (GDP)

It is a measure of economic activity in a country.
It is the total value of a country’s annual output of goods and services.
GDP = Private consumption + Gross investment + Government investment + Government spending + (exports-imports)

Nominal GDP

It is GDP evaluated at current market prices taking into account current inflation or deflation.

Real GDP

It is calculated in a way such that goods and services are evaluated at some constant set of prices.

The National Statistical Office (NSO)

It is the central statistical agency of the Government mandated under the Statistical Services Act, 1980.
It comes under the Ministry of Statistics and Programme Implementation.
It provides statistical information services so that the Government can formulate better policies.
The services include collecting, compiling and disseminating official statistical information.

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