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India’s Q2 GDP Grows 20% YoY Like Nigeria

Nigeria’s 3rd Quarter GDP Grows By 2.25%
India’s Gross Domestic Product (GDP) grew by 20.1 percent in the second quarter of 2021, an impressive and unexpected growth like Nigeria’s.

Gatekeepers News reports that the figure was contained in data released by the National Statistical Office (NSO) on Tuesday.

The economy expanded between the month of April-June 2021 compared same period last year which contracted by 24.4 percent.

Similarly, Nigeria recorded a growth of 5.1 percent in the Q2 2021. The growth in both country’s economy is despite the lockdown imposed at the onset of COVID-19 pandemic in 2020.

The NSO report showed that a rebound in consumer spending raised the Q1 growth despite the second wave of COVID-19, while the Q2 had less strict lockdown than the preceding year.

Also, a constant increase in exports, as well as a sound performance of the agricultural sector, is expected to boost the GDP growth in the current fiscal year.

“GDP at constant (2011-12) prices in Q1 of 2021-22 is estimated at Rs 32.38 lakh crore as against Rs 26.95 lakh crore in Q1 of 2020-21, marking a growth of 20.1% as compared to contraction of 24.4% in Q1 2020-21,” the NSO said.

Quarterly GVA (Gross Value Added) at basic price at constant (2011-12) prices for Q1 of 2021-22 is estimated at Rs 30.48 lakh crore as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 18.8 percent.

GDP at current prices in the year Q1 2021-22 is estimated at Rs 51.23 lakh crore as against Rs 38.89 lakh crore in Q1 2020-21, showing a growth of 31.7 percent as compared to a contraction of 22.3 percent in Q1 2020-21.

GVA at basic price at current prices in Q1 2021-22 is estimated at Rs 46.2 lakh crore as against Rs 36.53 lakh crore in Q1 2020-21, indicating a growth of 26.5 percent.

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