NEW DELHI India's economy grew at the slowest quarterly rate since the global financial crisis in the three months through June, lower than expected and hurt by a contraction in mining and manufacturing, government data showed on Friday.
Analysts polled by Reuters had forecast growth of 4.7 percent. June's figure of 4.4 percent was the slowest growth since the Jan-March quarter of 2009.
The economy has been steadily losing momentum in recent years. Economic growth virtually halved in two years to 5 percent in the fiscal year that ended in March -- the lowest level in a decade -- and most economists surveyed by Reuters in the past week expect 2013/14 to be worse.
Manufacturing fell an annual 1.2 percent during the quarter while mining fell by 2.8 percent, the data showed. while farm output rose 2.7 percent.
(Reporting by Rajesh Kumar Singh)
Trending On Reuters
Indian manufacturing activity expanded at its fastest pace in six months in July as new export orders accelerated, a business survey showed on Monday. Full Article