DOMESTIC SECTOR: The increase in GDP growth in 2001-02 was mainly due to the agriculture sector, which, despite continued drought, performed better than the previous year.
Growth of value-added in the sector is estimated at 1.4 per cent in contrast with a contraction of 2.6 per cent in the previous year. Growth of the industry sector was slightly lower (2.8 per cent) than in the previous year (3.1 per cent), mainly because of a sharp deceleration in the large-scale manufacturing sector.
The large-scale manufacturing sector suffered the most by the post-September 2001 developments and the global recession. Its growth declined to 4 per cent from 8.6 per cent in 2001-02. However, production in the latest three-month period (March-May 2002), for which the data is available, shows a significant turnaround in the large-scale manufacturing sector, which is likely to continue in 2002-03.
The growth of the services sector, which contributes 50 per cent to GDP, also improved somewhat during 2001-02.
Growth of value-added in the sector is estimated at 1.4 per cent in contrast with a contraction of 2.6 per cent in the previous year. Growth of the industry sector was slightly lower (2.8 per cent) than in the previous year (3.1 per cent), mainly because of a sharp deceleration in the large-scale manufacturing sector.
The large-scale manufacturing sector suffered the most by the post-September 2001 developments and the global recession. Its growth declined to 4 per cent from 8.6 per cent in 2001-02. However, production in the latest three-month period (March-May 2002), for which the data is available, shows a significant turnaround in the large-scale manufacturing sector, which is likely to continue in 2002-03.
The growth of the services sector, which contributes 50 per cent to GDP, also improved somewhat during 2001-02.