India Q1 GDP Highlights: Real GDP Growth Slows to 6.7% in April-June Quarter
The Indian economy grew by 6.7% in the first quarter of the 2023-24 fiscal year, slowing from the 8% growth rate recorded in the previous quarter.
The slowdown in growth was primarily due to a decline in manufacturing and construction activity. The manufacturing sector grew by only 0.1% in Q1, compared to 7.3% in Q4 of the previous fiscal year.
Sector-wise Growth Rates:
- Agriculture: 4.5%
- Mining: 12.2%
- Manufacturing: 0.1%
- Electricity, Gas, Water Supply, and Other Utility Services: 11.3%
- Construction: -5.2%
- Trade, Hotels, Transport, Communication, and Services Related to Broadcasting: 13.5%
- Financial, Real Estate, and Professional Services: 6.3%
- Public Administration, Defense, and Other Services: 7.5%
Despite the slowdown in Q1, the Indian economy is still expected to grow by around 7% for the entire 2023-24 fiscal year. This growth will be driven by strong consumer demand and government spending.
Key Points:
- Real GDP growth slowed to 6.7% in Q1 of 2023-24.
- The slowdown was primarily due to a decline in manufacturing and construction activity.
- The Indian economy is still expected to grow by around 7% for the entire 2023-24 fiscal year.
Sources:
- India GDP Data | Quarterly GDP Growth Rates
- India's GDP growth slows to 6.7% in April-June quarter as manufacturing, construction take a hit
- India's GDP growth slows to 6.7% in April-June quarter
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