GDP growth slows to Five Quater low: Government Data

GDP growth slows to Five Quater low: Government Data

AgenciesUpdated: Wednesday, May 29, 2019, 01:47 AM IST
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New Delhi: India’s economic growth slowed to a 5-quarter low of 6.6 per cent in October-December period of this fiscal, according to government data released on Thursday. The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7 per cent in October-December quarter of the previous financial year. “GDP at Constant (2011-12) Prices in Q3 of 2018-19 is estimated at Rs 35.00 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 percent.

“GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 percent and 7.0 percent respectively,” the Central Statistics Office (CSO) said in a statement. According to the statement, GDP growth during 2018-19 is estimated at 7 per cent as compared to 7.2 per cent in 2017-18. Earlier last month, the CSO had estimated GDP growth of 7.2 per cent for this fiscal under its first advance estimates.

Growth of eight core sectors slowed down to 1.8 per cent in January due to fall in output of crude oil, refinery products and electricity, official data released on Thursday showed. Eight infrastructure sectors – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – had expanded by 6.2 per cent in January 2018. Production of crude oil, refinery products and electricity contracted by 4.3 per cent, 2.6 per cent and 0.4 per cent, respectively, in January.

Growth rate of coal and cement sectors slowed to 1.7 per cent and 11 per cent in January as against 3.8 per cent and 19.6 per cent in January 2018, respectively. However, natural gas, fertilisers and steel output grew by 6.2 per cent, 10.5 per cent and 8.2 per cent respectively in the month under review. Sluggish infrastructure sector growth would also have impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output. According to the Commerce and Industry Ministry data, during April-January 2018-19, the eight sectors recorded a growth rate of 4.5 per cent against 4.1 per cent in the same period of the previous fiscal.

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