Economy of Andhra Pradesh
The economy of the Indian state of Andhra Pradesh is primarily dependent on agriculture, which directly and indirectly employs 62% of the population. GSDP as per the first revised estimate, for the year 2023-24 is ₹15,90,242 crore. 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%.
Visakhapatnam, a major commercial city in Andhra Pradesh | |
| 1 April – 31 March | |
| Statistics | |
| GDP | ₹14.49 lakh crore (US$181 billion) (2023–24 AE) |
| GDP rank | 8th |
GDP growth | 16.22%(2022–23 AE) |
GDP per capita | ₹219,518 (US$2,749) (2022–23 AE) |
GDP per capita rank | 16th |
GDP by sector | Agriculture 40% Industry 19% Services 41% (2020–21) |
Population below poverty line | 2.2% in poverty (2022-23) |
| 0.650 medium (2018) (27th) | |
Labour force by occupation | Agriculture 55% Industry 10% Services 35% (2015) |
| Unemployment | 6.0% (Nov 2020) |
| Public finances | |
Government debt | 32.79% of GSDP (2022–23 est.) |
| ₹−48,724 crore (US$−6.1 billion) (3.64% of GSDP) (2022–23 est.) | |
| Revenues | ₹1.91 lakh crore (US$24 billion) (2022–23 est.) |
| Expenses | ₹2.40 lakh crore (US$30 billion) (2022–23 est.) |
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).
The state has been ranked the best state in ease of doing business in the country for the year 2016 by the World Bank.
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