National Statistical Office (NSO) marginally slashed its year-on-year gross domestic product (GDP) growth forecast to 8.7 percent, down from 8.9 percent estimated in February.
In the fourth quarter (January-March period of 2021-22) GDP growth was recorded at 4.1 percent. The economy witnessed a 6.6 percent contraction in 2020-21. The latest GDP growth estimate is lower than the second advance estimate of 8.9 percent (released in February) and the first advance estimate of 9.2 percent (released in January).