GDP Data for Q3 Today: Whether the country’s economic health is improving now or not, it will be known today. The GDP figures for the third quarter (October to December) of FY 2021 will be released on 26 February i.e. Friday. The National Statistical Office (NSO) is scheduled to release growth estimates for the October-December quarter today. It is believed that this time there will be an improvement in GDP as compared to the last 2 quarters. GDP growth may remain positive in the December quarter.
Let us tell you that there was a huge decline in GDP in the first two quarters due to the COVID-19 pandemic and its associated lockdown. The decline was 23.9 percent in the first quarter and 7.5 percent in the second quarter. It is expected that in the third quarter, there may be a better situation in GDP.
Growth will remain positive!
Agencies and experts are hopeful that in the third quarter GDP can come in the positive zone. According to DBS Bank, the GDP growth rate in the third quarter could be 1.3 percent. According to DBS Bank, GDP growth can be negative 6.8 per cent during the entire financial year. According to research economist Radhika Rao of DBS Grouph, the rapid improvement in the status of COVID-19 in the country and rapid increase in people’s spending have been two factors that will prove to be better for the December 2020 quarter. On the other hand, according to a survey by Bloomberg, it is estimated to be 0.5 percent.
Giving these factors together
- Looking at the September quarter data, the growth of the manufacturing sector has increased by 0.6 percent compared to the same period last year. There are indications that the growth of manufacturing will increase further in the coming months.
- For the fifth consecutive time in the financial year 2021, the GST collection has exceeded Rs 1 lakh crore, that is, the expenditure at the domestic level is increasing now.
- Passenger vehicle sales have also increased. Especially due to the festive season, it got a boost in the third quarter.
- Sales of petrol and diesel have also reached pre-Coronavirus levels.
- Exports of engineering goods, gems and jewelery, iron ore and textiles have picked up.