ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Gross Domestic Product
|
|
|
Labour Productivity
|
|
|
The government’s budget deficit
|
|
|
Rate of Inflation
|
Detailed explanation-1: -Current-dollar GDP increased 2.9 percent, or $529.0 billion, in 2016 to a level of $18, 565.6 billion, compared with an increase of 3.7 percent, or $643.5 billion, in 2015 (table 1 and table 3).
Detailed explanation-2: -2017 GDP. Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level), compared with an increase of 1.5 percent in 2016 (table 1).
Detailed explanation-3: -The gross domestic product (GDP) growth estimate of 7.1% in 2016-17 is lower than the 7.6% growth in 2015-16. Note that this does not account for the impact of demonetisation. The fall in growth rate may be attributed to a slower growth in the manufacturing and construction sectors.
Detailed explanation-4: -The services sector is the largest sector in India. The services sector accounts for 53.66% of total India’s GVA of Rs. 137.51 lakh crore. The industrial sector is at the second spot and contributing around 31% of the Indian GDP.