The farm sector has grown by 0.7 per cent, manufacturing grew by 16.3, mining sector grew by 14 per cent and services grew by 8.4 per cent in the fourth quarter of the last fiscal to take the Q4 GDP to 8.6 per cent.
Earlier official estimates had pegged the growth figure for the last fiscal at 7.2 per cent. But most economists had expected that the growth would top the advance estimate of 7.2 per cent. For the fourth quarter, economists expect the economy to have grown anywhere between 8.7 and 9.3 per cent.
The first three quarters of the last fiscal grew by 6.1 per cent, 7.9 per cent and 6 per cent in that order.
The government’s chief statistician Pronab Sen had recently pegged FY10 growth between 7.2 and 7.5 per cent while the chief economic advisor Kaushik Basu had predicted the fourth quarter growth of over 8.6 per cent and FY10 growth of 7.2 per cent.
Economic growth slowed down to 6.7 per cent in 2008-09 after over 9 per cent growth in the previous three fiscals because of global financial crisis.
Government’s stimulus to the industry pushed growth to 7.9 per cent in the second quarter of 2009-10, much higher than 6.1 per cent in the first quarter. However, growth again slipped to 6 per cent in the third quarter as agriculture production contracted by 2.8 per cent and community, social and personal services slipped by 2.2 per cent.
No comments:
Post a Comment