PANAJI
The Economic Survey 2023-24 has projected that Goa’s economy will witness growth of 13.73 per cent during the ongoing financial year as a result of “various smart initiatives” of the State government.
According to the survey, which was tabled in the House on Thursday, the Gross State Domestic Product (GSDP) reported growth of 11.16 per cent in 2022-23 as against 2021-22. The secondary sector (51.97 per cent) was the major contributor to the growth followed by the tertiary sector (41.62 per cent).
However, the contribution of the primary sector has declined from 6.98 per cent in 2021-22 to 6.41 per cent. The sector’s growth in 2020-21 was at 7.83 per cent.
At current prices for the year 2022-23 (quick estimate) is Rs 93,67,238 crore.
“The GSDP in 2023-24 (advanced estimates) is expected at Rs 1,06,532.57 crore which means that economy of the State is expected to grow by 13.73 percent in the current financial year as compared to 2022-23,” the report stated.
“This expected double-digit growth is due to the smart initiatives of the State government. Also, the commissioning of the Manohar International Airport at Mopa has enhanced global connectivity, through new routes to meet the increasing travel demand to Goa,” the ES stated further.
Interestingly, in 2021-22, the economy grew at 13.63 percent but it slipped to 11.16 percent in 2022-23.
Further, the sudden negative decline of 1.17 percent in GSDP at current price was due to the outbreak of COVID- 19 pandemic in 2020-21.
While the contribution of the primary sector has declined over the years, on the other hand, the secondary and tertiary sector has remained constant.
The contribution of the secondary sector, which accounted for around 54.25 per cent in 2018-19, witnessed a downward trend in 2019-20 of 52.88 per cent but increased to 53.17 per cent in 2020-21 and 53.72 per cent in 2021-22. In 2022-23, the contribution was on the lower side - 51.97 per cent.
