US GDP Advanced 1.9% in Final Quarter of 2016

Demonetisation effect: economic growth seen slowing to 6.1% in December quarter

The December quarter GDP beat the estimates of economists; analysts polled by Reuters had forecast 6.4 per cent growth for the October-December period. "The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.9 per cent in 2015-16".

The price index for gross domestic purchases increased 1.9 percent in the fourth quarter, compared with an increase of 1.5 percent in the third quarter (table 4).

India will be the fastest-growing economy among G-20 countries clocking a 7.1 per cent growth in 2017, Moody's Investors Service said on Thursday.

Demonetisation was announced on November 8, 2016. Last week, National Council of Applied Economic Research cut its growth forecast to 6.9 per cent from its earlier estimate of 7.6 per cent.

While growth came in lower than the previous quarter, it exceeded most analyst predictions in the wake of the government's shock move to remove all 500 (around $7.50) and 1,000 rupee notes from circulation immediately. The agriculture sector grew by 6 per cent in Q3 against 3.8 per cent in Q2.

"The marked improvement in the survey evidence recently suggests that growth will continue at a decent pace in the first half of this year too, " Paul Ashworth, chief usa economist at Capital Economics, said in a note to clients.

The updated figures left prior estimates unchanged.

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The per capita net national income during 2016-17 is estimated to be Rs. 103,818 showing a rise of 10.2% as compared to Rs. 94,178 during 2015-16 with the growth rate of 8.9%.

Chief Economic Adviser Arvind Subramanian last month said the official GDP figures may not completely reflect the "real and significant hardships" experienced by the informal sector, in which an expected nine out of 10 Indian workers are employed.

Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs. 88.40 lakh crore in 2016-17 as against Rs. 79.00 lakh crore in 2015-16.

The biggest impact of demonetization was felt by small companies, according to an analysis of the October-December earnings of 2,126 companies by Care Ratings.

The full year 2016 growth was 1.6%.

2016 was the eleventh consecutive year the US economy failed to grow 3% or more. Meanwhile, another macro data released by the government revealed that the growth of eight core sectors slowed down to a five-month low of 3.4% in January mainly due to contraction in output of refinery products, fertiliser and cement.

Economists surveyed by The Wall Street Journal had expected an upward revision to a 2.1% growth rate.

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