The second quarter GDP number is likely to be announced later this week.
The economy grew at 5.7 per cent in the first quarter.
"The economy is likely to have expanded 5.3 per cent (y-o-y) in the second quarter. The slower growth can be put to weak rains affecting farm output, slow turnaround in domestic demand and subdued industrial activity," DBS Bank said in a report.
The report said with the second quarter GDP number, the growth in first half would be at 5.5 per cent.
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Industrial production set second quarter on a weaker footing as it rose just 1.1 per cent, as compared with 4.4 per cent in the June quarter, on the back of a mere 0.1 per cent rise in manufacturing output.
Commercial vehicle sales, which is a proxy for industrial activity, may have declined by 2 per cent in the September quarter, as against a 13 per cent fall in the first quarter.
On the demand front, a modest acceleration was noted in new investment projects, accompanied by an 80 per cent quarter-on-quarter jump in revival of stalled projects.
The second quarter profits of listed corporates picked up albeit stagnated sales, which alongside tepid indirect tax collections signal that the private sector will be slow to recover, it added.
It said CPI inflation slowed to 6.5 per cent by September from June quarter's 8.1 per cent, but consumer durables output gave back gains.
"Even as easing inflation boosts purchasing power, a slower turnaround in industrial activity and smaller rise in the farm minimum support prices will prevent a swift revival in consumption," the report said.
"The soft growth report coupled with easing inflation will build pressure on the central bank to ease policy in December, but is unlikely to pan out," the report said.