India’s official GDP growth estimate for 2012-13 revised down from 5% to 4.5%

India revised down its economic growth for the fiscal year 2012/13 to 4.5 per cent from 5.0 per cent earlier, the government data showed on Friday, on lower than provisionally estimated output in farm and manufacturing sectors.

The latest numbers are the first revised gross domestic product (GDP) estimates for the last fiscal year.

The data also showed lower than estimated growth numbers for exports, capital investment and consumption sectors, suggesting deeper underlying weaknesses in Asia's third-largest economy, which grew at more than 9 per cent before the 2008 global financial crisis.

The GDP growth for 2011/12 fiscal year was, however, upwardly revised to 6.7 per cent from 6.2 per cent, but that of the 2010/11 year was revised down to 8.9 per cent from 9.3 per cent, the data from the Ministry of Statistics showed.

The government and the central bank have often blamed sharp data revisions for creating problems for policy formulations.

Leave Your Comment(s)