GDP growth slows to 4.7% in Q3 FY20; FY20 GDP growth seen at 5%
GDP growth in the previous quarter has been revised to 5.1 percent from 4.5 percent.
February 28, 2020 / 07:23 PM IST
India's gross domestic product (GDP) grew 4.7 percent in the October-December quarter of 2019-20, according to data released on February 28.
GDP growth in the previous quarter has been revised to 5.1 percent.
GDP growth came in at at 5.6 percent in the corresponding quarter of 2018-19.
The government estimated that gross value added (GVA), which is GDP minus net taxes, grew at 4.5 percent in 2019-20 against 4.8 percent in Q2.
FY20 Nominal GDP growth estimate remains unchanged at 7.5 percent.
GVA is a more realistic guide to measure changes in the aggregate value of goods and services produced in an economy.
According to the estimates, farm sector grew at 3.5 percent compared to 4.3 percent in the previous quarter.
The second advance estimates are based on actual data for three quarters. Together with the provisional estimate to be released in May, they give a better picture of the health of the economy.
The CSO projected that the manufacturing sector saw contraction of 0.2 percent in 2019-20 against -0.1 percent in Q2 while mining and quarrying will grow at 3.2 percent against 0.1 percent in the last quarter.(Note: A correction in the headline has been made due to revision in Q2FY20 numbers)