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Indian economy grows 4.7% in third quarter

INDIA_BUDGET

The Indian economy grew 4.7 per cent in the third quarter of this financial year mainly due to improved performance in the agriculture

INDIA_BUDGET

New Delhi: The Indian economy grew 4.7 per cent in the third quarter of this financial year mainly due to improved performance in the agriculture and services sectors.

The country’s gross domestic product (GDP) had expanded 4.8 per cent in the July-September quarter and 4.4 per cent in April-June.

Growth in the first nine months (April-December) was 4.6 per cent compared with 4.5 per cent in the same period a year ago.

The economy had expanded 4.4 per cent in the third quarter of 2012-13, according to official data released here today by the Central Statistics Office (CSO).

Given the performance in the first nine months and GDP growth of 4.9 per cent projected by the CSO in its advance estimates for this financial year, the economy must expand 5.7 per cent in the fourth quarter ending March.

Farm sector output expanded 3.6 per cent in October-December compared with 0.8 per cent in the corresponding period of the previous financial year. The sector grew 3.6 per cent in April-December.

The manufacturing sector declined 1.9 per cent in the third quarter as against a growth of 2.5 per cent a year ago.

The output of the sector contracted 0.7 per cent in the first nine months.

Growth in electricity, gas and water supply was 5 per cent compared with 2.6 per cent a year earlier and it touched 5.5 per cent in the April-December period.

The construction sector expanded 0.6 per cent as against 1 per cent in the year-ago period. During April-December, the sector grew 2.5 per cent.

Growth in the trade, hotels, transport and communications segment slowed to 4.3 per cent in the third quarter from 5.9 per cent in the same period last year. In the first nine months, it grew 4.1 per cent.

The services sector, including financing, insurance and real estate, expanded 12.5 per cent in the October-December quarter as against 10.2 per cent a year earlier. The segment grew 10.5 per cent in April-December compared with 10.8 per cent in the same period a year ago.

Mining and quarrying contracted 1.6 per cent as against a decline of 2 per cent in the same period of the previous financial year. During April-December, the sector’s output contracted 1.6 per cent compared to a 1.1 per cent dip in production in the same period a year ago.

The community, social and personal services segment grew 7 per cent as compared to 4 per cent earlier. During the nine-month period, the segment grew 6.7 per cent.

Gross Fixed Capital Formation, an indicator of fresh investments, at constant (2004-05) prices remained flat at Rs 5 lakh crore in the third quarter compared with the same period of the previous financial year.

PTI

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