Economy to grow in the vicinity of 7.5% in FY2016: Finance Ministry

Finance Ministry observes the growth is being mainly driven by pick-up in the manufacturing sector

The Central Statistics Office (CSO) released estimates of GDP and related parameters for Second Quarter of 2015-16 today. The Finance Ministry analysed the data and made its observation that the GDP growth rate in the second quarter of the current Financial Year 2015-16 is greater than the growth in the First Quarter. GDP growth (measured in terms of constant 2011-12 market prices) for Second Quarter (Q2) of 2015-16 is estimated to be 7.4%. The GDP growth has picked-up from 7.0% in Q1 of 2015-16.

The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3% in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8% in the Second Quarter of current Financial Year 2015-16. Further, the Service Sector growth is still robust at 8.8% in Q2 of 2015-16, with the trade and transport services leading the way. Overall, the Ministry is expecting the economy to grow in the vicinity of 7.5% in FY 2015-16.

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