Revision in GDP Nos Raises Data Quality Concerns

THE recently announced GDP estimates for the third quarter of 2024-25, second advance estimates of 2024-25, and revised & final GDP estimates of 2023-24 & 2022-24 show drastic revisions in some of the estimates made earlier.

- DIPAK MONDAL @New Delhi

For example, the 2023-24 GDP growth estimate has been revised sharply upwards by 100 basis points to 9.2% from the earlier 8.2%, making the growth during the financial year one of the fastest in the last decade. Similarly, the gross value added (GVA) has been revised upwards from 7.2% to 8.6% for FY24. The second quarter 2024-25 GDP growth numbers were revised upwards by 40 basis points, from 5.4% to 5.8%.

There were other revisions as well. The 2022-23 final GDP growth has been revised down by 20 basis points to 7.6%.