Corona's GDP declines sharply before crash, growth slows to 3.1% in fourth quarter

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New Delhi, 29 May 2020 Friday

GDP growth slowed to 3.1 per cent in the March quarter, from 4.1 per cent in FY20, compared to 6.1 per cent last year, according to data released by the statistics department. It is the worst performance in the last 8 years in the current series.

The government revised its data for the first quarter of last year to 5.2 per cent in the first quarter, 4.4 per cent in the second quarter and 4.1 per cent in the second quarter.

GDP growth is expected to slow further in the current financial year, according to data from the March quarter, which includes a single week of lockdowns.

Production of eight key industries fell 38.1 percent in April from a year earlier due to the Corona epidemic and lockdown, a new record for the decline.

Production in eight key industries grew by 5.2 per cent in April last year, according to figures released by the Commerce Ministry on Friday.

In March this year, eight major industries, coal, mineral oil, natural gas, refinery production, cement, chemical farms, iron-steel and electricity, declined by 9 per cent. The reason for this decline in the top 8 industries is the corona virus epidemic.

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