Finance Ministry disappointed with GDP decline in second quarter

Economic Affairs Secretary Subhash Chandra Garg said on Friday that the GDP growth rate in the July-September quarter seems 'dismal', but the figure for the first half of the current financial year is much better. According to government data released on Friday, the growth rate of gross domestic product (GDP) was 7.1 percent in the July-September quarter, the lowest in three quarters.

Economic growth rate was 8.2 percent in the first quarter of April-June of the current financial year. It was 7.7 per cent in the previous January-March quarter. In the third quarter of last financial year i.e. October-December it was 7 percent

Garg wrote on Twitter, "GDP growth rate in the second quarter of FY 2018-19 seems to be disappointing at 7.1 percent. The growth rate of manufacturing sector was 7.4 percent and agriculture growth was 3.8 percent, which was fine. The growth of the construction sector showed a decline of 6.8 per cent and the mining sector by 2.4 per cent for the monsoon months.

He wrote that the growth rate in the six-month period of April-September was 7.6 percent which is much better. "Even after all this, it is the highest growth rate in the world," he said. The 7.1 percent growth rate in the second quarter is higher than China. The growth rate in China during this period was 6.5 percent.

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