The Finance Ministry states that the performance of the economy in the First Quarter of the Financial Year 2014-15 is broadly on expected lines. Responding to the estimates of GDP for the first quarter of 2014-15 as released today by the Central Statistics Office (CSO), the Ministry states that with improvement witnessed in some important sectors including manufacturing as well as in the performance of exports (that registered a growth of 11.5 per cent at 2004-05 prices), along with the measures taken by the Government, the economy can be expected to show further improvement in the remaining part of the year.

Growth in GDP at factor cost at constant (2004-05) prices (real GDP) for the first quarter (Q1) of 2014-15 is estimated to be 5.7 per cent as against 4.7 per cent in Q1 of 2013-14. The growth rate for the financial year 2013-14 was 4.7 per cent.

At the sectoral level, the growth rate is 3.8 per cent for agriculture and allied sectors, 4.2 per cent for industry sector and 6.8 per cent for services sector in Q1 of 2014-15. This growth was 4.0 per cent, (-) 0.4 per cent and 7.2 per cent respectively for these sectors in Q1 of 2013-14.

Economic Growth: real GDP expansion noted with sectoral improvement and improving export performance shaping the outlook. The Finance Ministry states the first quarter economy is broadly as expected, citing improved Real GDP growth driven by stronger manufacturing, a recovery in exports and varied but positive sectoral movements in agriculture, industry and services; the Ministry adds that government measures are expected to support further improvement later in the year.