Service sector boosts State GDP in q1
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The state’s economy has expanded by 6.5 per cent in the April-June quarter surpassing the national GDP growth rate of 5.45 per cent.
But for the better performance of the service sector, the state GSDP would have been low thanks to the negative growth in industry sector and poor performance of agriculture sector. The growth rate in service sector was 7.38 per cent against national level growth of 6.90 per cent.
Significantly, the state authorities clubbed the agriculture growth rate with the forest and allied sector to put a high figure of 12.69 per cent against the national average of 2.9 per cent.
“Though the growth rate of each sector in industry was worked out, we clubbed the agriculture sector with forest, fisheries and other allied activities,” sources in the planning department said.
The GSDP for the first quarter was `80,832 crore between April and June against `75,853 crore for the corresponding period in 2011-2012. The GDP at national level was `13,06,276 crore against `12,38,738 crore.
The government put industrial growth rate at 2.39 per cent against the national average of 3.64. As reported earlier in these columns, the manufacturing sector suffered a blow due to power crisis. It registered negative growth of 4.48 per cent against the national average of 0.19 per cent.
The mining sector, however, did well and achieved a growth rate of 6.47 against national growth rate of just 0.12 per cent.
Among the services, trade, hotels and restaurants grew at 6.9 against national average of 4 per cent while the performance in finance, real estate and construction was comparatively low in the state. The trade growth rate is 6.9, finance, insurance and real estate 10.08 per cent and construction 8.62 per cent.
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