GDP Growth Rate in October-December Slows to 6.6%, Down From 7% in Previous Quarter
As per the Statistics Office estimates, the overall growth rate for the financial year 2018-19 is predicted to be 7.2 per cent -- lower than the RBI's estimate of 7.4 per cent.
New Delhi, February 28: Signalising deceleration in the Indian economy, the Gross Domestic Product (GDP) growth rate for the October-December period has slowed to 6.6 per cent, down from 7 per cent in the previous quarter. The Q3 numbers, released by the Central Statistics Office (CSO)on Thursday, mark the third consecutive plunge in GDP growth rate.
After hitting a two-year high of 8.2 per cent in the first quarter (April-June), the growth rate plunged to 7.1 per cent -- which has now been revised to 7 per cent by the CSO -- in the second quarter. Eight Core Sector Growth Slows Down to 2.6 Per Cent in December 2018.
News agency Reuters, after speaking to 55 economists, had forecast a 6.9 per cent growth for India in the third quarter. However, the CSO figure is lower than what the experts had predicted.
As per the Statistics Office estimates, the overall growth rate for the financial year 2018-19 is predicted to be 7.2 per cent -- lower than the RBI's estimate of 7.4 per cent.
The central bank, according to analysts, had gauged the loss of momentum in GDP growth -- which compelled it to adopt a "neutral" stance in its monetary policy released earlier in the month. The RBI had slashed rates in a bid to push the market for expansion -- with inflation hitting an all-time low.
(The above story first appeared on LatestLY on Feb 28, 2019 06:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).