India’s GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters

India’s Gross Domestic Product (GDP) moderated to 6.7% during the first quarter of the financial year 2024-25, compared to the 8.2% growth seen in the same quarter of the previous year, according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday, August 30, 2024.

This is the lowest GDP growth in five consecutive quarters.

The Real GDP for the quarter is estimated to be ₹43.64 lakh crore, compared to ₹40.91 lakh crore in the first quarter of 2023-24, which is a growth rate of 6.7%.

The Nominal GDP, or GDP at Current Prices is estimated to be ₹77.31 lakh crore, compared to ₹70.50 lakh crore in the first quarter of 2023-24, a growth rate of 9.7%.

The Real Gross Value Added (GVA) is estimated at ₹40.73 lakh crore, compared to ₹38.12 lakh crore in the same quarter of the previous year, which reflects an 6.8% growth rate.

Nominal GVA on the other hand is estimated at ₹70.25 lakh crore, against ₹63.96 lakh crore last year, showing a growth rate of 9.8%.

Financial, Real Estate, and Professional Services contributed the most to this quarter’s Nominal GVA at 26%, followed by both Agriculture, Livestock, Forestry & Fishing, as well as Public Administration, Defence & Other Services at 16%.

At 2%, both Mining & Quarrying as well as Electricity, Gas, Water Supply & Other Utility Services were the lowest Nominal GVA contributors.

Construction was the sector with the highest growth rate at 10%, while Agriculture, Livestock, Forestry & Fishing grew grew the lowest by only 2%.