GDP growth data has been released for the third quarter of the current financial year that October-December. The pace of growth in the country’s economy in Q3 was weaker than expected. The growth rate in the December quarter stood at 4.4 per cent. The government estimates that the growth rate will be 7 percent in the financial year 2022-23. The GDP growth rate in the second quarter of the current financial year was 6.3 percent, while the growth rate in the third quarter of the financial year 2021-22 was 5.2 percent.
GVA growth rate was 4.6 percent
The government has retained the GDP growth estimate for the current financial year that is 2022-23 at 7 percent, while the growth estimate for the financial year 2021-22 has been kept at 9.1 percent. For the current financial year, the estimate of GVA growth has been reduced from 6.7 percent to 6.6 percent. The GVA for the third quarter stood at 4.6 per cent as against 4.7 per cent a year ago.
The agriculture growth rate was 3.7 per cent in the December quarter, which was 2.4 per cent in the September quarter. In the same quarter a year ago, the agricultural growth rate was 2.3 percent. The growth of the service sector was 6.2 percent in the third quarter, which was 7.6 percent a year ago. The growth of industries was 2.43 percent, which was 1.64 percent a year ago.
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