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The country's real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year What will be the growth rate of GDP according to the NSO? -

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Question

Read the below case and answer the question that follows:

The country's real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching PRE-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.

"With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21," the agency said.

According to the first advance estimates of national income released by the National Statistical Office (NSO), the country's GDP is estimated to contract by a record 7.7 percent during the current financial year.
- "Real GDP to grow at 11 percent in F/Y 22: Report"                                  Economic Times, 21st Jan 2021

What will be the growth rate of GDP according to the NSO?

Options

  • -7.7%

  • +7.7%

  • +11 %

  • -7.5%

MCQ

Solution

-7.7%

Explanation:

According to the NSO's preliminary estimates of national income, the country's GDP is expected to contract by a record 77 percent during the current fiscal year.

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Gross and Net Domestic Product (GDP and NDP)
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