Economic growth revised to 8.4% from 8.5%

Business

oi-Sneha

By Sneha B K

Published: Tuesday, January 31, 2012, 12:54 [IST]

The government today revised Economic Growth Rate for the 2010-2011 fiscal year. Government marginally lowered Economic Growth Rate to 8.4% from 8.5%.

Gross domestic Product (GDP) which refers to the market value of all final goods and services produced within a country in a given period.

The Quick Estimates of economic growth released by the Ministry of Statistics and Programme Implementation said, “The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year,”

"The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 per cent. The agriculture sector growth has also been impressive at 7 per cent during the year 2010-11," it further added.

Hotels and restaurant expanded by 9% in Trade, against a growth rate of 7.8% last year. Construction sector grew by 8% during the year against 7% in the previous fiscal. The mining and quarrying sectors registered 5% growth, against 6.3% xpansion in the previous fiscal.

Manufacturing grew by 7.6% this fiscal compared to a growth of 9.7% in 2009-10.

As per the Quick Estimates, the transport, storage and communication sector expanded by 14.7% in 2010-11. The sector had grown by 14.8% in the previous fiscal.

The GDP at constant prices at market prices during the year 2010-11 has grown at 9.6%, as per the data.

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Sources from PTI