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India’s Q1 GDP growth slows to 5.5%

However, the GDP growth is better than analysts’ estimates for a 5.3% growth in the first quarter of the current fiscal

New Delhi Showing persistent sluggishness, the Indian economy grew by 5.5% in the April-June quarter this fiscal due to poor performance of manufacturing, mining and farm sectors, reports PTI.

 

However, the GDP (gross domestic product) growth is better than analysts’ estimates for a 5.3% growth in the first quarter of the current fiscal.

 

The GDP had expanded by 8% in the April-June quarter of 2011-12.

 

During the quarter ended 30th June, the manufacturing sector grew marginally by 0.2%, against 7.3% growth in the same period of 2011-12, according to the official data released today.

 

Mining and quarrying sector recorded a growth of 0.1% during the quarter under review, as against a contraction of 0.2% in Q1 of 2011-12.

 

Farm production expanded by 2.9% in the first quarter against 3.7% in the same period last year.

 

The trade, hotels, transport and communications segment also witnessed lower pace of growth at 4% compared to 13.8% expansion in the same quarter year-ago period.

 

The growth rate of electricity, gas and water supply also dipped to 6.3% in Q1, from 8% in the corresponding period last fiscal.

 

However, the growth in the construction sector was robust at 10.9% during Q1 of 2012-13, as against 3.5% in the year-ago period.

 

Growth rate of services sector, including insurance and real estate, also improved to 10.8% in the first quarter, from 9.4% recorded in April-June quarter last fiscal.

 

Economic growth in the January-March quarter was at nine-year low of 5.3%, as the provisional estimate released earlier.

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