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Financial News: India's Economic Growth At 5-Year Low

India's Economic Growth At 5-Year Low

05/31/2019 - 09:12:00 (RTTNews)

(RTTNews) - India's economic growth eased more-than-expected to a five-year low in the March quarter, data from the National Statistical Office showed Friday.

Gross domestic product expanded 5.8 percent year-on-year in the March quarter, slower than the 6.6 percent growth seen in the previous quarter and 6.3 percent rise economists had forecast.

The production-side breakdown of GDP showed that farm output fell 0.1 percent, while mining and quarrying expanded 4.2 percent and manufacturing output climbed 3.1 percent.

Electricity, gas, water supply and other utility services advanced 4.3 percent. Construction logged an annual growth of 7.1 percent.

Further, trade, hotels, transport and communication grew 6.0 percent, financial, real estate and professional services rose 9.5 percent, and public administration, defence and other services by 10.7 percent.

The economy expanded 6.8 percent in the fiscal year ended March 2019, which was revised down from 7 percent.

The June quarter GDP data is due on August 30.

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