Goa GSDP rises 18.92% in FY17: CAG report

After being negative till FY14, the gross state domestic product (GSDP) of Goa continued to show positive trend in FY17, registering a 18.92 per cent growth, which was higher than the projection made by 14th Finance Commission, the CAG has said.

The Comptroller Auditor General (CAG) report, which was tabled on the floor of the House today during the ongoing monsoon session, has said that the secondary and tertiary sectors continued to be a dominant source of GSDP.

"The growth rate of GSDP was 18.92 per cent against the 14th finance commission projection of 14.52 per cent during the year," the CAG has said.

The secondary sector accounted for 50.07 per cent of the state's GSPD, while the tertiary sector contributed 32.26 per cent, the report said.

"Out of remaining 17.67 per cent, the primary sector contributed to 8.40 per cent and taxes and subsidies on products contributed 9.27 per cent," it added.

The CAG report has said the state government had achieved the target of reduction of revenue deficit to zero in the FY15 as projected in Goa Fiscal Responsibility and Budget Management Act 2014.

The CAG has also pointed out that the revenue surplus in FY17 stood at Rs 699 crore, which was higher than the previous year's surplus by Rs 567 crore.

"This was due to higher growth rate of the revenue receipts as compared to the revenue expenditure over the previous year," the report said.