Growth in GDP at factor cost at constant (2004-05) prices (real GDP) for the second quarter (Q2) of 2012-13 is placed at 5.3% as against 6.7% in Q2 of 2011-12. This is little lower than the growth rate of 5.5% achieved in Q1 of 2012-13 but at the same level as achieved in Q4 of 2011-12.
The growth rate for the first half (H1) of the current financial year works out to 5.4% as against 7.3% in the H1 of 2011-12.
''Overall, the growth rate is below our expectations,'' the Finance Ministry said.
At the sectoral level, the growth rate is 1.2% for agriculture and allied sectors, 2.8% for industry sector and 7.2% for services sector. The growth rates were 3.1%, 3.7% and 8.8% respectively for these sectors in Q2 of 2011-12.
''The reduction in growth in agriculture and allied sectors has been on account of rainfall being lower than normal particularly in June-July. The impact on the khariff crop has pulled down the growth rate,'' it added.
In the industry sector, growth has been lower mainly on account of a reduction in growth of manufacturing sector from 2.9% in Q2 of 2011-12 to 0.8% in the second quarter of the current year.
Although the growth rate of services sector showed some improvement in Q2 of 2012-13 vis-a-vis the Q1, it still remains below the trend level, the ministry said.