Economic growth slows down to 6.1% in Q3; lowest in 2 yrs

Written by: Pti
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New Delhi, Feb 29: India's economic growth rate slipped to 6.1%in the third quarter this fiscal, lowest in more than 2 years due to poor performance of the manufacturing, mining and farm sectors.

The Gross domestic product (GDP) growth the in third quarter (October-December) last fiscal was 8.3 %, as per the latest data released by the government on Wednesday.

GDP in April-December period also moderated to 6.9 % from 8.1 % in the first nine months of 2010-11.

During the quarter ending December 31, growth in the manufacturing sector dipped to a meagre 0.4 % from 7.8 % in the corresponding period of 2010-11.

Farm output also exhibited a similar trend and expanded by just 2.7 % during the quarter, compared to 11 % in the corresponding period last fiscal.

Mining and quarrying production contracted by 3.1 % during the quarter under review, as against a growth of 6.1 % in Q3 of last fiscal.

Growth in the construction sector also slowed to 7.2 % during the quarter from 8.7 % in the same period a year ago.

Furthermore, the trade, hotels, transport and communications segments grew by just 9.2 % in the quarter under review, as against 9.8 % expansion in the year-ago period.

However, electricity, gas and water supply grew by robust 9 % in the October-December period, compared to 3.8 % growth in the corresponding period last fiscal.

The growth of the services sector, including insurance and real estate, slowed to 9.9 % in the third quarter ended December, compared to 11.2 % expansion in Q3 of 2010-11.


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