Economy of Andhra Pradesh

Economy of Andhra Pradesh
Visakhapatnam, a major commercial city in Andhra Pradesh
1 April – 31 March
Statistics
GDP₹15.40 lakh crore (US$185 billion) (2023–24 AE) [1]
GDP rank9th
GDP growth
16.22%(2022–23 AE)[2]
GDP per capita
₹270,295 (US$3,239) (2023–2024 AE)[3]
GDP per capita rank
16th
GDP by sector
Agriculture 40%
Industry 19%
Services 41% (2020–21)[4]
Population below poverty line
Positive decrease 2.2% in poverty (2022-23)[5]
Increase 0.650 medium (2018) (27th)[6]
Labour force by occupation
Agriculture 55%
Industry 10%
Services 35% (2015)[7]
UnemploymentPositive decrease 6.0% (Nov 2020)[8]
Public finances
32.79% of GSDP (2022–23 est.)[4]
₹−48,724 crore (US$−5.8 billion) (3.64% of GSDP) (2022–23 est.)[4]
Revenues₹1.91 lakh crore (US$23 billion) (2022–23 est.)[4]
Expenses₹2.40 lakh crore (US$29 billion) (2022–23 est.)[4]
All values, unless otherwise stated, are in US dollars.

The economy of the Indian state of Andhra Pradesh is primarily dependent on agriculture, which directly and indirectly employs 62% of the population.[9] GSDP as per the first revised estimate, for the year 2023-24 is ₹15,40,000 crore.[10] The state is ranked 1st in the country for the year 2021-22 in terms of the Gross State Domestic Product (GSDP) growth at constant prices with growth rate of 11.43%.[11] The state GSDP is expected to grow at a rate of 17% for the year 2023-24.[10]

The state achieved overall 4th rank in SDG India Report for the year 2020-21, with first rank in SDG-7 (affordable energy) & second rank in Goal-14 (Life below water).[2]

The state has been ranked the best state in ease of doing business in the country for the year 2016 by the World Bank.[12] The state is undertaking the construction of large scale infrastructure projects, and since 2024, the Andhra Pradesh state government is also approving various new infrastructure projects.[13]

  1. ^ "AP poised to register 17% growth in GSDP". The Times of India. 31 January 2024.
  2. ^ a b M, Sambasiva Rao (16 March 2023). "Andhra Pradesh posts a growth of 16.22% over the previous year". The Hindu. Retrieved 25 March 2023.
  3. ^ "Gross State Value added by economic activity at current prices". mospi.gov.in.
  4. ^ a b c d e "Andhra Pradesh Budget Analysis 2022-23". PRS Legislative Research. Retrieved 22 March 2022.
  5. ^ "SDGs India Index". NITI Aayog. 30 January 2024.
  6. ^ "Sub-national HDI – Area Database". Global Data Lab. Institute for Management Research, Radboud University. Archived from the original on 23 September 2018. Retrieved 25 September 2018.
  7. ^ "Andhra Pradesh Budget Analysis 2016-17" (PDF). PRS Legislative Research. Archived from the original (PDF) on 4 April 2019. Retrieved 19 November 2016.
  8. ^ "Unemployment Rate in India". Centre for Monitoring Indian Economy. Retrieved 3 November 2020.
  9. ^ "Socio-economic Survey of Andhra Pradesh" (PDF). Archived from the original (PDF) on 6 June 2017.
  10. ^ a b "AP poised to register 17% growth in GSDP". The Times of India. 31 January 2024.
  11. ^ GVR, Subba Rao (16 March 2023). "A.P. Budget session: Buggana presents ₹2.79 lakh crore Budget for FY 2023-24". The Hindu. Retrieved 25 March 2023.
  12. ^ S, Arun (31 October 2016). "A.P., Telangana top in ease of doing business". The Hindu. ISSN 0971-751X. Retrieved 4 January 2018.
  13. ^ Sridhar, G. Naga (4 August 2024). "Andhra Pradesh hastens to add new ports, airports". The Hindu BusinessLine. Retrieved 6 October 2024.