GDP may remain 4.7% in the third quarter

The country's economy is estimated to grow at a rate of 4.7% in the third quarter (October-December). The government will release its figures this evening. Earlier, GDP growth was recorded at 13.5% in April-June (Q1 FY23) and 6.3% in July-September (Q2). At the same time, RBI had estimated real GDP growth to be 6.8% for 2022-23 and 4.4% for the third quarter.
GDP is one of the most common indicators used to track the health of the economy. GDP represents the value of all goods and services produced within a specific time period within a country. In this, the foreign companies that produce while staying inside the country's border are also included. When the economy is healthy, unemployment levels are usually low.
There are two types of GDP. Real GDP and Nominal GDP. In real GDP, the value of goods and services is calculated at the base year's value or stable price. Currently, the base year for calculating GDP is 2011-12. That is, the calculation was done according to the rates of goods and services in 2011-12. Whereas the nominal GDP is calculated at the current price.
A formula is used to calculate GDP. GDP=C+G+I+NX, where C stands for Private Consumption, G stands for Government Spending, I stands for Investment and NX stands for Net Exports.
Gross Value Added i.e. GVA, in simple words, GVA shows the total output and income in an economy. It tells how many rupees worth of goods and services were produced in a given period after taking out input costs and raw material prices. It also shows how much production has taken place in a particular area, industry or sector.
If seen from the point of view of national accounting, the figure obtained after taking out subsidies and taxes in GDP at the macro level is GVA. If you look at the production front, you will find it a balancing item of the national accounts.