The GDP growth rate of the country plunged to 5.8 per cent during the January-March quarter of the financial year 2018-19, from 7.7 per cent growth witnessed during the same quarter of the previous year, data from the Central Statistical Office showed.
For the fiscal year 2018-19, the country recorded a GDP growth of 6.8 per cent, the lowest growth rate in five years. In FY 2017-18 the country recorded at 7.2 per cent growth in GDP.
The slowdown can be largely attributed to lacklustre growth in agriculture and mining sectors, as per the data.
The agriculture, forestry and fishing sector showed a growth rate of 2.9 per cent in FY 2018-19, against previous year’s growth rate of 5 per cent. The mining and quarrying sector rose by 1.3 per cent against previous year’s growth rate of 5.1 per cent.