GDP growth in Q3 slows to 6.6 percent

The Indian economy grew 6.6 percent in October-December, data released  by the Central Statistics Office (CSO) on February 28 showed.

The moderation is in line with an expected slowdown in the second half of the financial year.

“GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 percent and 7.0 percent respectively,” CSO said.

According to the statement, GDP growth during 2018-19 is estimated at 7 percent as compared to 7.2 percent in 2017-18.

Gross value added (GVA), which is GDP minus taxes, grew 6.8 percent.

The farm sector grew at 2.7 percent in Q3 compared to 4.2 percent in Q2 while manufacturing saw contraction, growing at 6.7 percent.

Construction sector growth grew at 9.6 percent while mining sector growth stood at 1.3 percent compared to -2.1 percent in Q2. Trade and hotels sector growth remained unchanged at 6.9 percent.

Financial services sector grew at 7.3 percent compared to 7.2 percent in Q2.