Q3 GDP growth picks up pace to 8.4%

Q3 GDP growth picks up pace to 8.4%

7.6% for FY24 in sight; Mfg, mining, construction fueling economic growth; Latest data shows that India keeping up its growth momentum as world’s fastest-growing economy: NSO

New Delhi: New Delhi: Springing a surprise, India's economic growth accelerated to 8.4 per cent in the October-December quarter of this fiscal, mainly due to double-digit growth in manufacturing and good showing by mining & quarrying and construction sectors.

The GDP (gross domestic product) growth was 4.3 per cent in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO) on Thursday. The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, grew by 11.6 per cent compared to a contraction of 4.8 per cent in the year-ago period. Mining and quarrying grew at 7.5 per cent in the third quarter, up from 1.4 per cent a year ago. The construction sector kept the growth momentum at 9.5 per cent against the same growth rate in the year-ago period. However, the output of the farm sector declined by 0.8 per cent during the quarter compared to a growth of 5.2 per cent a year ago. The national accounts data showed electricity, gas, water supply, and other utility services segment has grown by 9 per cent year-on-year against an 8.7 per cent rise.

The GVA growth in the services sector - trade, hotel, transport, communication and services related to broadcasting - was 6.7 per cent during the third quarter against 9.2 per cent. Financial, real estate and professional services grew by 7 per cent in the third quarter over 7.7 per cent earlier.

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