, Nansheng compiled the report card of some global economic powers in the first half of 2022. Among them, the year-on-year growth rate of India's economy reached 8.4%, once again surpassing China, the United Kingdom, the United States, Germany, France, Italy, Canada and other countries, taking the lead.
Not only that, the nominal GDP completed by the whole Indian society in the first half of 2022 increased to a high of 131.1 trillion rupees. Based on the average exchange rate, it reached US$1.719 trillion, successfully surpassing the UK and rising to fifth place in the world.
reported that from January to March 2022, India's economy actually rose by 4.1% year-on-year, and expanded to 13.5% in the second quarter, which has both pros and cons. On the positive side, India's economic growth rate has been greatly improved, laying a good foundation for the whole year of 2022. One of the disadvantages of
is that the high growth in the second quarter is mainly due to the high inflation of and the high growth in residents' consumption." In addition, the trade, service industry and other fields have achieved growth that exceeds market expectations, driving the actual economic growth rate to double digits again.
In the short term, inflation can drive consumption expenditure in various fields. But if inflation lasts for a long time, it will oppose it to restrict the endurance of consumption development. After all, the wealth of Indian residents is limited and has been eroded by inflation for a long time. What can we use to support subsequent economic development?
is based on the above factors, and Reuters recently wrote an article saying that India's high economic growth in the second quarter is "mainly short-term behavior." The economic growth rate will gradually slow down in the second half of the year, and is expected to drop to around 4.5% by the end of the year, returning to the normal development route. Is the value of
really officially announced by India?
In the first half of the year, GDP reached 131.1 trillion rupees, an actual increase of 8.4%, and some netizens raised doubts. They said that many media have reported that India's economic scale in the second quarter was 36.85 trillion rupees. Can it reach about 95 trillion rupees in the first quarter?
This is obviously not in line with common sense. From this, it is determined that the data given by Nan Sheng is wrong! Of course this is not the case. The data given by Nan Sheng are all released by the Indian authorities. I am just a disseminator of data, not a maker of data.
Since some netizens questioned it, this article will show you how the above data was obtained. First of all, the authoritative attributes of the data source. We usually use the statistical offices of each country or the central bank of to ensure that the values are authoritative and official releases by various countries.
Take India as an example. The national economic statistical reports for each quarter were released by the "National Bureau of Statistics of India". We log in to its official website to find the statistical reports. After downloading the report, we find "quarterly nominal GDP calculated at current prices", as shown below:
India's National Bureau of Statistics is Rs 6494736 crore - close to Rs 65 trillion, not Rs 36.85 trillion reported by some media.
In the same way, we can also find the GDP value from January to March this year - about 66.15 trillion rupees. After adding it to the second quarter, the first half of the year is 131.1 trillion rupees, which is converted into US dollars at an average exchange rate of 1.719 trillion.
The second quarter GDP mentioned by other media was 36.85 trillion rupees. What is it?
Some media believe that India's GDP in the second quarter was 36.85 trillion rupees, mainly because they confused the "difference between actual GDP and nominal GDP". The economic scales of the countries we mentioned are nominal GDP calculated based on current market prices.
The actual GDP is mainly used to reflect real production and calculate the economic growth rate. As shown in the figure below, the actual GDP for the second quarter announced by the National Bureau of Statistics of India, which is about 36.85 trillion rupees. This is based on the prices in the 2011-12 fiscal year, and this is clearly marked in the screenshot.
What should I pay attention to when looking for the official GDP announced by India?
In addition to clarifying the difference between nominal GDP and actual GDP, another point that needs to be paid attention to when looking up the officially announced GDP in India is: distinguishing the misalignment of each quarter in the fiscal year and the natural year.
India's fiscal year 2022-23 starts from April 2022 and ends in March 2023.The first quarter of this fiscal year ranges from April to June 2022, which is the second quarter of the natural year. The fourth quarter of the last fiscal year was the first quarter of 2022.
Fiscal Year 2021-22 data released by the National Bureau of Statistics of India shows that the nominal GDP in the fourth quarter was approximately 66.15 trillion rupees (as shown in the figure above), and the time range is actually "January to March 2022", which is the first quarter of this natural year of 2022.
This requires us to find this "time misalignment", summarize the data of each fiscal quarter published by the Indian authorities in a systematic manner into natural years, and then share it with interested netizens. If you want to verify the above data, go and query it yourself. This article is compiled and written by Nan Sheng. Please do not reprint or plagiarize without authorization!
