The country's economy has slowed down during the October 2018 - December 2018 quarter as per the data released by the Government of India. The reason behind the decline is attributed to a downward revision in growth during the earlier quarter added with slower growth in the third quarter. With this, the GDP growth for the third quarter of 2019 stands at 6.6 percent.
The country's growth rate was earlier predicted at 7.2 percent for fiscal 2018 - 2019 but following the downward revision, the GDP rate stands at 7 percent for FY 2018-19.
The gross domestic product marched up by 6.6 percent during the third quarter of 2018-2019 as per the data sources released by the Central Statistics Office. The country witnessed growth at the rate of 8 percent and 7 percent during the first and second quarter of 2018-19 respectively.
Key Industrial Trends
- Manufacturing Sector rose by 6.7 percent in Q3 2019 over 6.9 percent in Q2 2019
- Agricultural Sector grew at 2.7 percent in Q3 2019 over 4.2 percent in Q2 2019
- Mining Sector flourished to touch 1.3 percent in Q3 2019 over (2.1) percent during Q2 2019
- Construction Sector grew at 9.6 percent in Q3 2019 over 8.5 percent during Q2 2019
- Public Administration Segment grew at 7.6 percent in Q3 2019 over 8.7 percent during Q2 2019
- Financial Services Sector improved marginally to touch 7.3 percent as against 7.2 percent during Q2 2019
- Trade, transport, hotel, communication Sector remained still at 6.9 percent
The countries GDP growth for the next fiscal 2019 -2020 is projected at 7.4 percent that is between 7.2 -7.4 percent during the H1 and 7.5 percent in the third quarter of 2019-20 after balancing risk factors.