The first quarter economic growth was 7.9 per cent against 9.2 per cent in the previous year. Economists have blamed the rising borrowing costs as the culprit for lower economic growth. These rising borrowing costs had negatively impacted the manufacturing and other core sectors.
An overview of various sectors of the economy :
- Manufacturing grew by 5.6 per cent.
- Agriculture grew by 3 per cent.
- Electricity, gas and water supply grew by 2.6 per cent.
- Service sector like trade, hotels, transport and communication grew by 11.2 per cent.
- Other sector like finance, insurance, real estate and business services grew by 9.3 per cent.
- Sectors like community, social and personal services grew by 8.4 per cent.
- Construction sector grew by11.4 per cent.
- Mining and quarrying grew by 4.8 per cent.
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