Business Today

GDP growth at 5.3% in fourth quarter, lowest in 9 yrs

India's economic growth rate slipped to 5.3 per cent in the fourth quarter of 2011-12, lowest in nearly 9 years due to poor performance of the manufacturing and farm sectors.

BT Online Bureau   New Delhi     Last Updated: May 31, 2012  | 12:44 IST

Reflecting slowdown in the economy, India's economic growth rate slipped to 5.3 per cent in the fourth quarter of 2011-12 as against compared to 9.2 per cent in the same period in 2010-11 due to poor performance of the manufacturing and farm sectors. This is lowest in nearly 9 years.

According to the government data released on Thursday, gross domestic product (GDP) in 2011-12 also moderated to 6.5 per cent from 8.4 per cent in the 2010-11.

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During the quarter ending March 31, growth in the manufacturing sector contracted to 0.3 per cent, from 7.3 per cent in the corresponding period of 2010-11.

Farm output also exhibited a similar trend and expanded by just 1.7 per cent during the quarter, compared to 7.5 per cent in the Q4, 2010-11.

However, mining and quarrying production growth stood at 4.3 cent during the quarter under review, as against a growth of meagre 0.6 per cent in Q4 of in 2010-11.

Growth in the construction sector slowed to 4.8 per cent during the January-March quarter of 2011-12, from 8.9 per cent in the year-ago period.

The trade, hotels, transport and communications segment grew by 7 per cent during in the quarter under review, as against 11.6 per cent expansion in the year-ago period.

However, electricity, gas and water supply grew by 4.9 per cent in the January-March period, compared to 5.1 per cent growth in the corresponding period last fiscal.

The growth of the services sector, including insurance and real estate remained unchanged at 10 per cent in the fourth quarter ended March. .

With PTI inputs

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