GDP shrinks to 4.5% in the July-September quarter

GDP growth,economic growth,IIP data,recession,economic slowdown,breakingclicks,breaking clicks,

India’s GDP growth has slowed down to 4.5% in July-September from 7% a year ago, said government data released on November 29. Eight core industries’ output declined by 5.8% in this period.

The output of eight core infrastructure industries contracted by 5.8% in October, indicating the severity of economic slowdown, according to the government data.

As many as six of the eight core industries saw a contraction in output in October. Coal production fell steeply by 17.6%, crude oil by 5.1%, and natural gas by 5.7%.

Production of cement (- 7.7%), steel (- 1.6%), and electricity (- 12.4%) also declined during the month.

The only sector that posted growth in October was fertilizers where production increased by 11.8% year-on-year. Growth in output of refinery products slowed down to 0.4% in October as against 1.3% in the same period last year.

The eight-core sectors had expanded by 4.8% in October 2018. During the April-October period, the growth of core industries fell to 0.2% against 5.4% in the year-ago period.

Leave a Response