India's GDP growth slowed to 4.5 per cent in Q3-FY’13

The country's gross domestic product (GDP) grew at a 10-year low of 4.5 per cent during the third quarter of the current financial year, pushing the projected annual growth rate down further, quick estimates released by the Central Statistics Office (CSO) showed.

This is a far cry from the 6.1-6.7 per cent growth the Economic Survey 2012-13 has projected for the 2013-14 financial year.

The CSO estimates GDP at factor cost at constant (2004-05) prices for October-December 2012-13 at Rs14,11,594 crore, against Rs13,51,252 crore in Q3 of 2011-12 - a growth rate of 4.5 per cent year-on-year.

GDP at factor cost at current prices is estimated to have grown at 12.4 per cent to Rs24,63, 775 crore in the third quarter of 2012-13, against Rs21,91,132 crore in Q3 of 2011-12.

Meanwhile, CSO has revised the quarterly estimates and growth rates for 2011-12 on account of revision in annual estimates of 2010-11 and 2011-12. The revision follows a switch to the use of ASI (Annual Survey of Industry) data for 2010-11 and the new series of IIP for 2011-12 in the manufacturing sector. According to CSO, these changes have resulted in changes in estimates of 'trade, hotels and restaurants' sector.

Industries in the finance, insurance, real estate and business services sectors recorded higher growth of 7.9 per cent in Q3 of 2012-13 over Q3 of 2011-12.