Dec-quarter GDP growth seen around 4.8 percent: official

NEW DELHI Thu Feb 7, 2013 1:51pm IST

Labourers work at the construction site of a metro station in Mumbai January 31, 2013. REUTERS/Danish Siddiqui/Files

Labourers work at the construction site of a metro station in Mumbai January 31, 2013.

Credit: Reuters/Danish Siddiqui/Files

Related Topics

NEW DELHI (Reuters) - India's economic growth likely eased further to around 4.8 percent in the quarter ending in December, mainly as a result of deep cuts in government spending, a senior official at the statistics ministry told Reuters on Thursday.

Asia's third-largest economy had grown an annual 5.3 percent in the July-September quarter. The GDP data for the December quarter is due on February 28.

The comments by the official, who deals directly with the GDP data, suggest the economic slowdown is getting deeper by the quarter and an immediate rebound may not be in sight.

"If the government is cutting spending to meet the fiscal deficit target, we will have to bear the initial pains," the official said.

He also attributed the slowdown in the third quarter to the poor performance of the railways, auto and construction sectors.

Earlier on Thursday, the government said the slowest economic growth in a decade could be worse than anticipated, forecasting fiscal year economic growth of only 5.0 percent.

(Reporting by Manoj Kumar, editing by Ross Colvin)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Fuelling Change

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Stalemate

Stalemate

WTO prepares for crisis talks as India keeps veto on global deal.  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Earnings Season

Earnings Season

HDFC Bank eyes pickup in corporate credit.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

Iron Ore Imports

Iron Ore Imports

JSW Steel to boost iron ore imports by up to 80 percent.  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Remembering Margerie

Remembering Margerie

Total’s "Big Moustache"- bon vivant, deal-maker and risk-taker .  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage