GDP growth rate for FY20 revised to 4%

GDP growth rate for FY20 revised to 4%

New Delhi: The government on Friday revised downwards the economic growth rate for 2019-20 to 4 per cent from 4.2 per cent estimated earlier, mainly due to contraction in secondary sectors like manufacturing and construction.

"Real GDP or GDP at constant (2011-12) prices for the years 2019-20 and 2018-19 stands at Rs 145.69 lakh crore and Rs 140.03 lakh crore, respectively, showing a growth of 4.0 per cent during 2019-20 and 6.5 per cent during 2018-19," National Statistical Office said in revised national account data.

Under the first revision released in January 2020, real GDP or GDP at constant (2011-12) prices for 2018-19 was pegged at Rs 139.81 lakh crore, showing a growth of 6.1 per cent.

"The growth in real GVA during 2019-20 has been lower than that in 2018-19 mainly due to relatively lower growth in 'Mining and Quarrying', 'Manufacturing', 'Electricity, Gas, Water Supply & Other Utility Services', 'Construction', 'Trade, repair, Hotels and Restaurants' and 'Financial Services'," the data said.

During 2019-20, the growth rates of the primary sector (comprising agriculture, forestry, fishing and mining & quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary sector (services) have been estimated as 3.3 per cent, (-)1.1 per cent and 7.2 per cent as against a growth of 2.2 per cent, 5.8 per cent and 7.2 per cent, respectively, in the previous year.

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