About Ministry Of Finance
Economic Growth As per the Advance Estimates released by the Central Statistics Office (CSO), the growth rate of the gross domestic product (GDP) at constant market prices has been estimated at 7.6 per cent in 2015-16, which is higher than the growth of 7.2 percent growth recorded in the previous year. The growth of the gross value added (GVA) at constant basic prices has been estimated at 7.3 per cent in 2015-16 —as opposed to 7.1 per cent in 2014-15—, with agriculture and allied sectors, industrial sector and services sector growing at 1.1 per cent, 7.3 per cent and 9.2 per cent respectively. The growth of GDP at constant basic prices for the first, second and third quarters of 2015-16 has been estimated at 7.6 per cent, 7.7 per cent and 7.3 per cent respectively.
On the demand side, the growth in final consumption expenditure at constant (2011-12) prices is estimated to have remained strong at 6.9 per cent in 201516, as compared to 7.2 per cent in 2014-15. The growth in gross fixed capital formation at constant prices increased from 4.9 per cent in 2014-15 to 5.3 per cent in 2015-16. Exports and imports of goods and non-factor services declined (at constant prices) by 6.3 per cent each in 2015-16 the former mainly on account of the sluggishness in the global economy and the latter on account of decline in international petroleum and other commodity prices.
Information on saving and investment is available only till the year 2014-2015. Gross saving as proportion of GDP at current market prices is estimated at 33.0 per cent in 2014-15 and 2013-14. Gross capital formation, also known as investment, was estimated to be 34.2 per cent of the GDP at current market prices in 2014-15, as compared to 34.7 per cent in 2013-14.