RTTNews - Friday, the Central Statistical Organization of India estimated the growth rate of fourth quarter Gross Domestic Product (GDP) at 5.8%--flat with the revised growth rate in the previous quarter and down from 8.6% in the year-ago quarter. In terms of value, the quarterly GDP at factor cost at constant prices is estimated at Rs.9,02,924 crore, up from Rs.8,53,785 crore in the fourth-quarter of 2008.
The slowdown is attributed to poor performance by manufacturing sector despite robust growth in some service sectors.
Economic activities that registered significant growth in the fourth-quarter over the fourth quarter of 2007-08 are 'construction' at 6.8%, 'trade, hotels, transport and communication' at 6.3%, 'financing, insurance, real estate and business services' at 9.5%, and 'community, social and personal services' at 12.5%. The growth rate in 'manufacturing' was a negative 1.4% in this period.
GDP at factor cost at current prices during the fourth-quarter is estimated at Rs.12,89,616 crore, compared to Rs.11,94,578 crore in the fourth-quarter of 2007-08, representing an increase of 8%.
Expenditure analysis of GDP revealed that the rate of private final- consumption expenditure or PFCE at constant prices is estimated at 13.4%, while government final-consumption expenditure rate and the rate for gross fixed capital formation or GFCF are estimated at 51.4% and 31.6%, respectively. Inventories during the period under review are estimated at 2.9%, while exports are estimated at 21.1%.
For the twelve months of this fiscal, the estimated growth rate of Gross Domestic Product is revised to 6.7% down 7.1% from the advance estimate released in February this year, and declined from 9.0% for the comparable period last year. In rupee terms, it is now revised at Rs.33,39,375 crore, compared to the advance estimate of Rs.33,51,653 crore and up from Rs.31,29,717 crore for the year 2007-08.
The downward revision in the GDP growth rate was mainly on account of lower performance in almost all the sectors, excluding 'construction, and 'community, social and personal services' than anticipated.
The sectors that showed growth rates of 5% or more, are 'construction' (7.2%), 'trade, hotels, transport and communication' ( 9%), 'financing, insurance, real estate and business services, (7.8%), and 'community, social and personal services' (13.1%).
The net national product or NNP at factor cost, also known as national income, for the fiscal 2009 is now estimated at Rs.29,41,971 crore, compared to Rs.29,61,249 crore estimated earlier in February, and increased from Rs.27,64,795 crore for 2007-08. In terms of growth rate, the national income is estimated to rise by 6.4% during 2008-09, in comparison to the growth rate of 9.1% in 2007-08.
Per Capita Income
During 2008-09, the per capita income at factor cost is estimated to attain a level of Rs.25,494, compared to Rs.25,661 estimated in February this year, and increased from Rs.24,295 for the year 2007-08. The growth rate in per capita income is estimated at 4.9% for the fiscal year 2009.
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