CSO lowers GDP growth estimate to 5.9 per cent

The government’s CSO said it based its latest estimate on growth rates of over five per cent in many sectors including manufacturing, electricity, gas and water supply, construction, trade, hotels, transport, communication and financial services. GDP at current prices is expected to grow by 9.6 per cent compared to 16.5 per cent last year. The official estimate is slightly lower than the projections of National Council for Applied Economic Research at six per cent.

CSO estimated GDP atconstant prices, based on 1993/94 prices, to reach Rs 11,45,436 crore in 1999/2000, up from the estimate of Rs 10,81,834 crore in the previous year. Per capita income worked out to Rs 15,841 ($363.3) for the country’s population of 991 million, it said. Per capita income at real terms during the year is likely to attain a level of Rs 10,151 as compared to the quick estimates for the year 1998-99 of Rs 9,739 per annum.

CSO said output from the agriculture, forestry and fishing sector would grow by only 0.8 per cent year-on-year in 1999/2000, sharply down from 7.2% in the previous year. Most other sectors are expected to show an improvement in 1999/2000 over last year, with the manufacturing sector leading the way with a year-on-year growth of 7% in 1999/2000, compared to 3.6% a year earlier.