January 31, 2012 2:34 PM

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Economic growth revised down to 8.4 pc

The Government on Tuesday revised the economic growth rate for 2010-11 financial year, slightly down to 8.4 per cent from the earlier estimate of 8.5 per cent.According to the Quick Estimates of economic growth, released by the Ministry of Statistics and Programme Implementation, the Gross Domestic Product, GDP at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year.It said that the major source of growth in the GDP has been from the services sector, which has grown at the rate of 9.3 per cent.The agriculture sector growth has also been impressive at 7 per cent during the year 2010-11.The growth of secondary sector, which includes manufacturing and construction sector, stood at 7.2 per cent.In addition, the GDP growth estimate for Financial Year 2009-10 has been revised upward to 8.4 per cent from the previous estimate of 8 per cent.Finance, insurance, real estate and business services expanded by 10.4 per cent in 2010-11, against a growth rate of 9.4 per cent in the previous fiscal.Earlier this month, the Reserve Bank had lowered its GDP growth forecast for the current fiscal to 7 per cent, from the earlier estimate of 7.6, due to global economic slowdown, high domestic interest rates and other factors.Trade, hotels and restaurants expanded by 9 per cent in 2010-11, against a growth rate of 7.8 per cent in 2009-10. Construction sector grew by 8 per cent during the year under review, against 7 per cent in the previous fiscal.The mining and quarrying sectors registered 5 per cent growth, against 6.3 per cent expansion in the previous fiscal. Manufacturing grew by 7.6 per cent in 2010-11, compared to a growth of 9.7 per cent in 2009-10.Electricity, gas and water production recorded 3 per cent growth, compared to 6.3 per cent. As per the data, the GDP at constant prices at market prices during the year 2010-11 has grown at 9.6 per cent.

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