First advance estimates of national income based on benchmark-indicator method

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation on Friday released the First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2016-17.

As per the statements presented, the first advance estimates of GDP have been released in accordance with the release calendar of National Accounts with an approach for compiling the advance estimates is based on benchmark-indicator method.

The Sector-wise estimates are obtained by extrapolation of indicators, which includes index of Industrial Production of first seven months of the financial year, financial performance of listed companies in the private corporate sector available up to quarter ending September, 2016 advance estimates of crop production including others.

Taking the financial, insurance, real estate and professional services into consideration, the estimated growth in GVA for this sector during 2016-17 is placed at 9.0 percent as compared to growth of 10.3 percent in 2015-16.

The key indicators of this sector are the quarterly growth of corporate sector for real estate sector and computer related activities, which was estimated using latest available information on listed companies for the first half of 2016-17.

However, the public administration and defence and other services had its GVA at basic prices for 2016-17 from this sector is expected to grow by 12.8 percent as compared to growth of 6.6 percent in 2015-16.

The key indicators of these sectors have namely, Union Government expenditure net of interest payments and subsidies, which grew by 25.3 percent during April-November 2016-17.

Mentioning the estimates at current prices, the Gross Domestic Product (GDP) is derived by adding taxes on products net of subsidies on products to GVA at basic prices. GDP at current prices in the year 2016-17 is likely to attain a level of '151.93 lakh crore, as against 135.76 lakh crore in 2015-16 showing a growth rate of 11.9 percent.

Adding to this the statement had the Wholesale Price Index (WPI), in respect of food articles, manufactured products, electricity and all commodities, which has shown rise of 6.9 percent, 2.0 percent, (-)1.4 percent and 2.8 percent, respectively during April-November 2016-17.

The consumer price index has shown a rise of 5.0 percent during April-November, 2016-17.