India's economy is seen growing by 5.0 percent in the 2019-20 fiscal year, the slowest pace since fiscal 2008-09 and significantly slower than a 6.8 percent expansion recorded in the same period last year, according to the First Advance Estimates, released by the federal Ministry of Statistics & Programme Implementation. Manufacturing is expected to advance by only 2 percent, sharply slowing from a 6.9 percent growth in the previous financial year, as trade tensions and global economic slowdown hit activity. The economy expanded 4.5 percent year-on-year in the three months to September, the weakest pace since the first three months of 2013, mainly due to a fall in factory output and exports and a slowdown in investment. GDP Annual Growth Rate in India averaged 6.18 percent from 1951 until 2019, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -5.20 percent in the fourth quarter of 1979. source: Ministry of Statistics and Programme Implementation (MOSPI)
GDP Annual Growth Rate in India is expected to be 5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in India to stand at 6.20 in 12 months time. In the long-term, the India GDP Annual Growth Rate is projected to trend around 5.50 percent in 2020, according to our econometric models.
India GDP Annual Growth Rate
The most important and the fastest growing sector of Indian economy are services. Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP. Agriculture, forestry and fishing constitute around 12 percent of the output, but employs more than 50 percent of the labor force. Manufacturing accounts for 15 percent of GDP, construction for another 8 percent and mining, quarrying, electricity, gas and water supply for the remaining 5 percent.