Economy News

GDP Methodology and Q1 Estimates

September 4 , 2026 12 hrs 0 min 17 0

The Ministry of Statistics and Programme Implementation (MoSPI) explained the revised Gross Domestic Product (GDP) estimates for the first quarter (Q1) of 2026-27.
A negative 1.5% manufacturing GVA (Gross Value Added) deflator does not mean manufacturing prices fell; it resulted from input prices rising faster than output prices under the double-deflation method.
Manufacturing nominal GVA grew 7.7%, while real GVA grew 9.2% in Q1 2026-27.
Q1 2025-26 current-price GDP was revised from ₹86.05 lakh crore to ₹80.00 lakh crore due to the new 2022-23 base year, improved data sources, and updated indicators.
The GDP deflator, Consumer Price Index (CPI), and Wholesale Price Index (WPI) differ because they cover different goods, services, and economic activities.
Mining and Quarrying real GVA fell 2.4%, while nominal GVA grew 22.3%, mainly due to sharp increases in mineral prices.