Monday, March 1, 2010

Q3FY10 GDP grows by moderate 6% driven by drop in agriculture output

Q3FY10 GDP grows by moderate 6% driven by drop in agriculture output

Q3FY10 GDP (base = 2004-05) grew by moderate 6% compared with expectations of 6.8-7.0% growth mainly driven by a drop of 2.8% in the agricultural output. The growth in banking and financial services was also lower at 7.8% but was expected.

The industrial sector has grown by 11.6% yoy in line with the growth in the IIP. The manufacturing sector grew by 14.3% yoy. The construction sector has picked up growth as it grew by 8.7% yoy compared to low single digit growth in earlier quarters.

The services sector grew by slower 6.3% driven by lower growth in banking and finance as expected. The GDP from social and community services dropped by 2.2% as expected driven by lower government spends compared to last year.

On expenditure wise, the growth was largely led by investments as the GFCF grew by 9% yoy. The consumption growth was lower as PFCE grew by just 3% yoy.

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