Question
Download Solution PDFAccording to the Second Advance estimates issued by the Central Statistics Office, the Real GDP at constant (2011-12) prices grew at ____________ percent in 2016-17 over the previous year.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 7.1 percent.
Key Points
- The Central Statistics Office (CSO) is responsible for providing statistical data in India.
- The Second Advance Estimates are preliminary estimates of the gross domestic product (GDP) for a given financial year.
- For the financial year 2016-17, the Real GDP at constant (2011-12) prices showed a growth of 7.1 percent over the previous year.
- This growth rate reflects the economic performance and health of the Indian economy during that period.
- Real GDP growth is a measure of the value of economic output adjusted for price changes (inflation or deflation).
- It indicates the overall economic productivity and helps in formulating economic policies.
Additional Information
- Central Statistics Office (CSO)
- The Central Statistics Office (CSO) is a government agency in India under the Ministry of Statistics and Programme Implementation.
- It is responsible for the coordination of statistical activities in the country and evolving and maintaining statistical standards.
- CSO provides important economic data, including GDP estimates, inflation rates, and employment statistics.
- GDP Growth Rate
- The GDP growth rate is an important indicator of economic performance and development.
- It reflects the increase or decrease in the market value of goods and services produced by an economy over time.
- Higher GDP growth rates typically indicate a healthy, expanding economy, while lower rates may indicate economic stagnation or contraction.
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