Understanding Q1 2026-27 GDP Estimates

This PIB backgrounder explains the updated annual and quarterly GDP estimates for Q1 2026-27 following the introduction of the 2022-23 base year series. It addresses key FAQs concerning the adoption of the double deflation method for the manufacturing sector, price divergence between the implicit GDP deflator, Consumer Price Index (CPI), and Wholesale Price Index (WPI), and the reconciliation of nominal and real estimates in the mining sector. Additionally, it clarifies methodological revisions to previous year data, noting that changes from the old 2011-12 base series to the 2022-23 base series reflect structural updates rather than deliberate downward revisions.