GDP growth estimate raised for 6.6% for 2017-18: Second Advance Estimates
India's Gross Domestic Product (GDP) growth has further accelerated 7.2% in the quarter ended December 2017 (Q3 of 2017-18), showing improvement from 6.5% growth in the preceding last quarter and 6.8% in the corresponding quarter last year. Quarterly Gross Value Added (GVA) also rose at improved pace of 6.7% in Q3 of 2017-18 over the corresponding quarter of previous year, showing improvement in growth from 6.2% in Q2 of 2017-18.The GDP growth stood at 6.4% in April-December 2017, compared with 7.5% recorded in the corresponding period last year.
Agriculture, forestry and fishing sector showed improved growth of 4.1%, while the industrial sector growth also improved to 6.8% and services sector to 7.7% in Q3 of 2017-18. Within the industrial sector, the manufacturing output surged 8.1%, utilities 6.1% and construction 6.8%, but mining sector output fell 0.1%. Among the services sector component, the output of trade, hotels, transport, communication and services related to broadcasting jumped 9.0%, financial, real estate and professional services 6.7%, and public administration, defence and other service 7.2% in Q3 of 2017-18.
The GDP growth estimate for 2017-18 has been revised upwards to 6.6% at second advances estimates level from 6.5% at first advance estimate level released in early January 2018. The sectors which are likely to register growth rate of over 7.0% are public administration, defence and other services,trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and financial, real estate and professional services. The growth in the agriculture, forestry and fishing, mining and quarrying, manufacturing, and construction is estimated to be 3.0%, 3.0%, 5.1%and 4.3% respectively.
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