Industrial sector posts double digit growth of 10.3% in Q1 of FY2019
India's Gross Domestic Product (GDP) growth accelerated sharply to nine-quarters high level of 8.2% in the quarter ended June 2018, while showing consistent improvement from a low of 5.6% in the quarter ended June 2017.The GDP growth has been mainly driven by surge in GDP growth emanating from the industrial sector to double digit level of 10.3%, while showing improvement from 8.8% in the previous quarter and 6.1% growth in the corresponding quarter last year. The agriculture sector growth also accelerated to 5.3% in Q1 of FY2019 from 3.0% growth in Q1 of FY2018. However, the services growth has eased to 7.3% in Q1 of FY2019 from 7.7% growth in the previous quarter and 9.5% surge in the corresponding quarter last year.
Within the industrial sector, the manufacturing segment posted robust growth of 13.5%, while the growth for construction sector remained healthy at 8.7% in Q1 of FY2018-19. The utilities sector also posted healthy growth of 7.3%, while the mining sector witnessed sharp moderation in growth to 0.1% in the quarter ended June 2018.
The moderation in services sector growth was mainly led by lower growth in public services at 9.9%, while trade, hotel, transport and communication has posted stable growth of 6.7% in Q1 of FY2019. Further, the financial, real estate and professional services have recorded improved growth of 6.5% in Q1 of FY2019.
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