According to analysts and economists, the latest estimates suggest significant improvement in the January-March quarter (Q4 FY23) compared to previous quarters. The GDP growth for Q4 is projected to be at least 5%, while the GDP growth for the full year FY23 is expected to surpass 7%.
Manufacturing and Services Sectors Drive Growth
The progress in GDP growth is primarily attributed to the manufacturing and services sectors. These sectors have shown remarkable performance and are key drivers of the economic improvement. Additionally, there has been a noteworthy increase in private investments, contributing to the overall growth.
Positive Trends Compared to Previous Quarters
The GDP growth for Q3 FY23 was recorded at 4.4%, and it was 4% in Q4 of FY22. The anticipated growth in Q4 FY23 suggests a positive trend, indicating a potential recovery and strengthening of the economy.
Official Figures to be Released by the National Statistical Office
The National Statistical Office (NSO) is expected to release the official growth figures for Q4 of FY23 and the full year FY23 soon. These figures will provide a comprehensive and accurate assessment of the country’s economic performance during this period.
Optimism for FY23 GDP Growth
Analysts and economists are optimistic about the GDP growth for the full year FY23, expecting it to be around 7% based on official advance estimates. There is even a possibility of surpassing this figure, indicating a positive outlook for the country’s economic prospects.
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