Economy grows sub-5% fourth quarter in a row; stands at 4.8% in Q2

30 Nov 2013 Evaluate

Watering down government's hope of a more than 5% figure for fourth straight quarter, the Gross Domestic Product (GDP), a measure of the country's total economic output, grew at 4.8%. However, this figure was much in line with street expectations and better than previous quarter’s four-year low figure of 4.4% in June quarter.

Quarterly GDP at factor cost at constant (2004-2005) prices for Q2 of 2013-14 was estimated at Rs 13.68 lakh crore, as against Rs 13.05 lakh crores in Q2 of 2012-13. While, GDP at factor cost at current prices in Q2 of 2013-14, was estimated at Rs 25.05 lakh crores, as against Rs 22.28 lakh crores in Q2, 2012-13, showing an increase of 12.4%. With this, the economic activity expansion in the first half of the year stood at 4.6% as against 5.3% in the year-ago period.

Providing little boost to the GDP in the second quarter, the agriculture sector, which comprises of 17-18% of the GDP, expanded by 4.6% against 2.7% in the previous quarter. Meanwhile, the industries, having share of 25% in the economy, grew by 1.56% in the September quarter against previous quarter's contraction of 0.86%. In the same period last year, the industrial output rose 0.5%. Within industry, while mining continued to contract by 0.4%, manufacturing grew marginally by 1% as against a contraction of 1.2% in the previous quarter. On the other hand, electricity and related sectors grew 7.7% as against 3.7% in the previous quarter.

Further, the services sector, which contributes the largest chunk in Indian GDP of around 60%, grew at a 12-year slow pace of 5.76% in the period against 6.17% in the previous quarter and 7.1% in July-September 2012. Government-supported community, social and personal services, which grew by just 4.2% as against 9.4% in the previous quarter and 8.4% in the year-ago quarter, largely dragged the services sector. This was mainly on account of 1.12% reduction in the government's final consumption expenditure in the second quarter of 2013-14 year-on-year against a 10% rise in the previous quarter. Meanwhile, financial services rose in double digits, by 10% in the quarter, and trade, hotels and the transport sector grew by 4% as against 3.9% in the previous quarter.

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