In a remarkable turnaround,Andhra Pradeshhas posted a stunning 16.22% Growth rate during 2022-23. The state planning department estimated that GSDP for the year 2022-23 (advanced estimates) is estimated at Rs 13,17,728 crore as against Rs 11,33,837 crore for the 2021-22 final revised estimates (FRE). This accounts to net addition of Rs 1,83,891 crore to the state economy.
Chief minister YS Jagan Mohan Reddy released the socio-economic survey (SES) readied by the planning department of the state for 2022-23 on Wednesday. The SES stated that AP posted a growth of 16.22% over the previous year based on the advanced estimates.
According to the SES, Gross Value Addition (GVA) in Agriculture-notes-for-state-psc-exams”>Agriculture and allied sectors reported a decent 13.18% growth while agriculture sector alone reported 20.72 percent growth while sector achieved 12.58% growth rate. Similarly, the Livestock sector reported 7.32% growth rate while Fisheries reported 19.41% of GVA.
The SES said that the Industry sector witnessed a GVA of 16.36% while Mining and quarrying reported 15.81% GVA. It said that the manufacturing sector reported 11.81%. The analysis of the planning department put the GVA of electricity, gas and other sectors at 30.96% and construction sector at 16.94%. It said that the Services-sector”>services sector achieved a stunning 18.91% GVA while trade and hotels sector reported 28.42%. It said that railways achieved 17.82%. SES said that transport by other means reported a GVA of 21.64% while the real estate sector achieved 13.14%.
According to the State Economic Survey, the state posted a record growth of 7.02% at constant prices against the country’s growth of 7.0% during 2020-21. Report said that the agriculture and allied sectors reported 4.54% growth rate while agriculture sector alone witnessed the double-digit growth at 10.72% while the horticulture sector reported 3.03% growth rate. The performance was relatively low at constant prices during 2020-21 due to the outbreak of covid-19. It said that the GVA of livestock is around 2.89% while the fisheries sector reported 4.87%. It said that the industry sector too achieved a tremendous GVA of 5.66% during the covid-19 while mining and quarrying reported sizable GVA of 10.81%. Manufacturing sector achieved 4.82% growth while the electricity, gas sectors reported 6.53%. It said that the construction returned with 4.71% growth while the services sector witnessed a massive 10.05% GVA. It said that trade hotels reported a 16.64% growth rate.