The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), has released the Quarterly Estimates of Gross Domestic Product (GDP) for the July–September quarter (Q2) of Financial Year 2025-26. The important points are given below.
- Real GDP is estimated to grow by 8.2% in Q2 of FY 2025-26, compared to 5.6% in Q2 of FY 2024-25.
- Nominal GDP has grown by 8.7% in Q2 of FY 2025-26.
- The secondary sector (8.1%) and tertiary sector (9.2%) have pushed real GDP growth above 8% in Q2 of FY 2025-26.
- Manufacturing grew by 9.1% and construction by 7.2% in the secondary sector at constant prices.
- Financial, real estate and professional services recorded 10.2% growth in the tertiary sector.
- Agriculture and allied activities grew by 3.5%, while electricity, gas, water supply and other utility services grew by 4.4% in Q2 of FY 2025-26.
- Real Private Final Consumption Expenditure (PFCE) increased by 7.9%, compared to 6.4% in the same period last year.
- Real GDP grew by 8% in the first half (April–September) of FY 2025-26, compared to 6.1% in the first half of FY 2024-25.
First, let’s understand how it is calculated
Quarterly estimates of GDP are compiled using the benchmark-indicator method, which means the estimates for the same quarter of the previous financial year (2024-25) are extrapolated using relevant indicators that reflect sector performance. Data from various ministries, departments, and private agencies are used as important inputs for preparing these estimates.
Also Read: Download New 238 Circulars released by RBI
Quarterly Estimates and Growth Rates
Real GDP at constant prices in Q2 of FY 2025-26 is estimated at ₹48.63 lakh crore, compared with ₹44.94 lakh crore in Q2 of FY 2024-25, reflecting a growth rate of 8.2 percent. Nominal GDP at current prices in Q2 of FY 2025-26 is estimated at ₹85.25 lakh crore, compared with ₹78.40 lakh crore in Q2 of FY 2024-25, showing a growth rate of 8.7 percent. Real GVA in Q2 of FY 2025-26 is estimated at ₹44.77 lakh crore, compared with ₹41.41 lakh crore in Q2 of FY 2024-25, registering a growth rate of 8.1 percent. Nominal GVA in Q2 of FY 2025-26 is estimated at ₹77.69 lakh crore, compared with ₹71.45 lakh crore in Q2 of FY 2024-25, showing a growth rate of 8.7 percent.
Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2022-23 to Q2 FY 2025-26 at Constant Prices
Sectoral Composition and Growth Rates of Quarterly GVA
Composition and Growth Rates of Quarterly GVA in Broad Sectors
Also Read: Download New 238 Circulars released by RBI
Half-Yearly Estimates and Growth Rates
Real GDP at constant prices in April-September of 2025-26 (H1 2025-26) is estimated at ₹96.52 lakh crore, compared with ₹89.35 lakh crore in H1 of 2024-25, registering a growth rate of 8.0 percent. Nominal GDP at current prices in H1 of 2025-26 is estimated at ₹171.30 lakh crore, compared with ₹157.48 lakh crore in H1 of 2024-25, showing a growth rate of 8.8 percent. Real GVA in H1 of 2025-26 is estimated at ₹89.41 lakh crore, compared with ₹82.88 lakh crore in H1 of 2024-25, registering a growth rate of 7.9 percent. Nominal GVA in H1 of 2025-26 is estimated at ₹155.94 lakh crore, compared with ₹143.39 lakh crore in H1 of 2024-25, showing a growth rate of 8.8 percent.
Half-Yearly GDP and GVA Estimates along with Y-o-Y Growth Rates from H1 2022-23 to H1 2025-26 at Constant Prices
Sectoral Growth Rates of Half-Yearly (H1, FY 2025-26) Real GVA
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