Kerala's economy grew by 6.19% in real terms during 2024-25, according to the Economic Review 2025 presented in the State Assembly on January 28, 2026. The state's Gross State Domestic Product (GSDP) growth at current prices was 9.97%. The Gross State Value Added (GSVA) rose to 6.59%. The primary sector, including agriculture and allied activities, grew by 2.36% in real terms, with agriculture at 2.14% and fishing and aquaculture booming at 10.55%. The secondary sector, comprising industry and manufacturing, posted a 7.87% growth, with construction and manufacturing growing 8.12% and 7.42% respectively. Services such as IT, tourism, communication, trade, and transport (except road transport) also showed positive growth, strengthening the state’s economy. Kerala's public debt stood at ₹3,10,015.86 crore at the end of 2024-25, climbing 15.68% annually. This pushed the debt-to-GSDP ratio to 24.83%, up from 23.60% in 2023-24. Revenue receipts improved slightly by 0.3%, reaching ₹1,24,861.07 crore despite a 6.15% drop in central transfers. The State’s Own Tax Revenue (SOTR) rose to ₹76,642.20 crore, making up 61.38% of total revenue. Lottery revenue, a key source of non-tax income, grew by 1.44% to ₹12,711.18 crore. Total expenditure increased 9% in 2024-25, with revenue expenditure up 9.3% and capital expenditure up 8.96%. The fiscal deficit rose marginally to 3.86% of GSDP but is expected to fall to 3.16% in 2025-26. Meanwhile, the revenue deficit increased to 2.49% but is projected to decrease to 1.9% next fiscal year. The Economic Review highlighted the need for "resilient, innovative and forward-looking financial strategies" to overcome fiscal challenges and noted that Kerala’s development relies heavily on collaboration with the Union government and careful resource management.