New Delhi : Two days after Finance Minister Nirmala Sitharaman’s admission that there is a slowdown in the economy, the official data released today said that GDP has further slowed down to 4.5% in the July-September quarter. The latest data has further raised the fear that the economy is
“GDP at Constant (2011-12) Prices in Q2 of 2019-20 is estimated at Rs.35.99 lakh crore, as against Rs.34.43 lakh crore in Q2 of 2018-19, showing a growth rate of 4.5percent. Quarterly GVA (Basic Price) at Constant (2011-2012) Prices for Q2 of 2019-20 is estimated at Rs.33.16 lakh crore, as against Rs.31.79lakh crore in Q2 of 2018-19, showing a growth rate of 4.3percent over the corresponding quarter of previous year” said the report released by the ministry of statistics and programme implementation.
“The Economic Activities which registered growth of over 4.3 percent in Q2 of 2019-20 over Q2 of 2018-19 are ‘Trade, Hotels, Transport, Communication and Services related to Broadcasting’ ‘Financial, Real Estate and Professional Services’ and ‘Public Administration, Defence and Other Services’. The growth in the ‘Agriculture, Forestry and Fishing’, ‘Mining and Quarrying’, ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’ and ‘Construction’ is estimated to be 2.1 percent, 0.1 percent, (-) 1.0 percent, 3.6 percent and 3.3 percent respectively during this period” it added.
On Wednesday Sitharaman had said in Lok Sabha that the economy has slowed down, but it is not a recession yet.