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First Advance Estimates of GDP

  Feb 10, 2022

First Advance Estimates of GDP

Q Why is it in News ?

A The Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates (FAE) for the current financial year (2021-22 or FY22).

Q What is GDP?

GDP estimates for FY22

Q What are the First Advance Estimates of GDP?

Q What is significance of First Advance Estimates ?

Real GDP = Nominal GDP — Inflation Rate

The difference between the real and nominal GDP shows the levels of inflation in the year.

Q How are the FAE arrived at before the end of the concerned financial year?

Benchmark-Indicator method

Q What are the main takeaways?

A 1. GDP Growth

2. Role of high inflation

3. Private consumption continues to struggle

4.  Average Indian is much worse off