India's Gross Domestic Product (GDP) slips to 4.7 percent in the third quarter (October-December) of the year 2019-20, compared to the previous quarter, according to official data released by the government on Friday evening.
The GDP growth was registered at 5.6 percent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO).
During the nine-month period (April-December 2019), the Indian economy grew 5.1 percent as against 6.3 percent in the same period a year ago.
The GDP growth rate for the first quarter of 2019-20 was revised to 5.6 percent and for the second quarter to 5.1 percent.
The NSO has pegged economic growth at 5 percent in 2019-20 in its second advance estimates released on Friday, the same as its estimates last month.
The Reserve Bank of India (RBI) had also estimated 5 percent GDP growth for 2019-20. China's economic growth was 6 percent in October-December 2019, which was the weakest expansion in over 27 years.
China's economic growth was 6.1 percent in 2019 (calendar year), the slowest in about three decades.
The GDP growth for the December quarter is the lowest since January-March of 2012-13, when it stood at 4.3 percent.
According to the data released by the National Statistical Office (NSO), the gross value added (GVA) growth in the manufacturing sector contracted by 0.2 percent in the third quarter of this fiscal from 5.2 percent expansion a year ago.
However, the farm sector GVA growth was up at 3.5 percent, compared to 2 percent growth in the corresponding period of the previous fiscal.
Construction sector GVA growth too slowed to 0.3 percent from 6.6 percent expansion earlier. Mining sector growth came in at 3.2 percent, as against a contraction of 4.4 percent a year ago.
Electricity, gas, water supply and other utility services segment contracted by 0.7 percent, from 9.5 percent growth a year ago.
Similarly, trade, hotel, transport, communication and services related to broadcasting growth declined to 5.9 percent in the third quarter from 7.8 percent a year ago.
Financial, real estate and professional services growth was up at 7.3 percent in Q3 FY2019-20 from 6.5 percent.
Public administration, defence and other services reported improvement with 9.7 percent rise during the quarter under review, from 8.1 percent a year earlier.
During April-December 2019, the GDP growth reduced to 5.1 percent as compared to 6.3 percent in the same period a year ago.
"GDP at Constant (2011-12) Prices in Q3 of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35.00 lakh crore in Q3 of 2018-19, showing a growth of 4.7 percent," the NSO said in a statement.
"The Per Capita Income at current prices during 2019-20 is estimated to be Rs 134,432, showing a rise of 6.3 percent as compared to Rs 1,26,521 during 2018-19," it added.
Meanwhile, Economic Affairs Secretary Atanu Chakraborty said the decline in economic growth has bottomed out.
Data released by the commerce ministry showed that eight core industries recorded a 2.2 percent growth in January, helped by expansion in the production of coal, refinery products and electricity.
(With inputs from PTI)
First Published: IST