The FY13 GDP has also come in line with government estimates of 5 percent. Market and rupee remain largely unchanged to the news.
Indian economy expanded by 4.8 percent in the quarter that ended in March, in-line with consensus. The FY13 GDP has also come in line with government estimates of 5 percent, which is lowest in a decade. Initally the market remained unchanged, but fell sharply later.
Meanwhile, the third quarter GDP was revised higher to 4.7 percent from 4.5 percent. In the 1st and 2nd quarters of FY13, GDP had grown at 5.4 percent and 5.2 percent respectively. There is chance that capex would have grown higher in the second half of the fiscal than the first half of previous fiscal.
The manufacturing sector grew an annual 2.6 percent during the quarter while farm output rose just 1.4 percent, the data showed. The GDP internals are as follows:
Farm sector growth at 1.4% Vs 2% (YoY)
Manufacturing sector growth at 2.6% Vs 0.1% (YoY)
Mining sector growth at -3.1% Vs 5.2% (YoY)
Construction sector growth at 4.4% Vs 5.1% (YoY)
Community, social & personal services growth at 4% (YoY)
Trade, hotels, transport & comm at 6.2% Vs 5.1% (YoY)
Finance, insurance, realty & biz services at 9.1% (YoY)
Services growth at 6.6% Vs 7.3% (YoY)
Industry growth at 2.7% Vs 2.1% (YoY)