Business News Desk, A decline in the GDP growth rate has been registered in the third quarter of the financial year 2022-23. In the third quarter of the financial year 2022-23, the country’s GDP growth rate has come down to 4.4 percent. At the same time, in the third quarter of the last financial year 2021-22, the GDP was 5.4 percent. The main reason for the decline in GDP is the poor performance of the manufacturing sector. This information has come from the data released by the National Statistics Office (NSO) on Tuesday.
How was the pace of the economy?
Explain that in the same quarter of the previous financial year 2021-22, the country’s economy had grown at the rate of 11.2 percent. At the same time, the economic growth rate in the July-September quarter of the current financial year was 6.3 percent.
NSO released data
In its second advance estimate, the NSO has estimated the economic growth rate to be seven per cent in the current financial year. Apart from this, NSO has revised the growth rate for the last financial year 2021-22 from 8.7 percent to 9.1 percent.
How was the growth of the sector?
If we talk about sectoral growth, then the growth rate of agriculture sector was 3.7 percent in this quarter. Apart from this, the growth estimate of the manufacturing sector has also gone negative. This time it has been -1.1 percent. The growth rate of construction sector was 8.4 percent. At the same time, the growth rate of services related to trade, hotels, transport, communication and broadcasting has been 9.7 percent.
How was the growth of the financial sector
Apart from this, if we talk about the financial sector and real estate sector, then it remains at 5.8 percent. In the second quarter of the current financial year, the growth rate of electricity, gas and water supply and other utility services has been 8.2 percent, which was 6 percent in the same period last year.