In the previous episode we understood what is GDP. Now, let us understand how to interpret the data? But before that we should understand what different types of GDP data gets released? Why it takes three years to finalise the GDP data? How to interpret the data revisions?
In this episode we also tell you how the GDP data is calculated. Honestly, it is complicated!
We also know that half of India's GDP relies on unorganised sector. But we don't know exact GDP of unorganised sector. Do you want to know how the GDP of unorganised sector is calculated? Well, then we have explained it too in this episode.
GDP calculation, in general, involves some hard-core observable data, but most of the times it includes approximations, proxies and modelling. Therefore, its process, interpretation as well as use-case differs from that of something like inflation data.
We have heard experts contesting over few decimal point growth rates in GDP data. Is such in-depth analysis really necessary? We cover that as well.
So, in short, this is a compact package on how to interpret the GDP data. Give it a shot and let us know your feedback.
Sources and Further References:
1. NAS Sources and Methods 2012
2. Measuring Informal Economy in India _ Indian Experience, By S V Ramana Murthy
3. Methodology for Estimating Quarterly GDP
4. Understanding the New Series of National Accounts
5. Changes In Methodology And Data Sources In The New Series Of National Accounts
6. Chp 13 - National Account Statistics - National Statistical Commission
7. Notes On Methodology And Revisions In The Estimates
10. Studying revisions in Indian GDP data, Ideas for India
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