Business

GDP slumps to 4.5 pc in Q2 FY20

ANI | November 29, 2019 05:47 PM
The slowdown comes amid declining private investments and rising global trade frictions.

New Delhi [India], Nov 29 (ANI): The economic growth slowed to 4.5 per cent in the July to September quarter from 7.1 per cent in the corresponding period of last year, the government data showed on Friday.

The economy had a weak performance last quarter with the GDP growth rate dropping to 5 per cent.

The slowdown in Q2 FY20 was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The weak GDP growth in Q2 was also caused by grim industrial output data which contracted 0.4 per cent during the quarter against 3 per cent expansion in the preceding three months.

Heavy rainfall in August and September along with a delayed withdrawal of the monsoon constrained activities in the mining and construction sectors.

It also contributed to a lower demand for electricity from the agricultural and household sectors. In addition, muted industrial activity reduced the demand for electricity generation. (ANI)

Have something to say? Post your comment
Must Read
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Clean environment and sports are our priority: MP Chaudhary
Clean environment and sports are our priority: MP Chaudhary
 Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
SC asks Army to take decision on granting permanent commission to 8 women officers
SC asks Army to take decision on granting permanent commission to 8 women officers
PM Modi condoles demise of UAE President's brother
PM Modi condoles demise of UAE President's brother
International Olympiad on Critical Life Skills on 14th & 15th December 2019
International Olympiad on Critical Life Skills on 14th & 15th December 2019
K'taka: Farmer finds unique, low-cost method to save crops from wild animals
K'taka: Farmer finds unique, low-cost method to save crops from wild animals