AP ECONOMY REGISTER 6.94% GROWTH

Andhra Pradesh's economy grew 6.94 per cent during the first half of the 2014-15 fiscal, which is more than the national average of 5.52 per cent, according to an official release issued here today. The growth has been propelled by positive trends in agriculture, real estate, banking and insurance, mining and services sectors. "Overall performance of all sectors is satisfactory. Contribution of the services sector is more than 57 per cent while participation and the role of the industrial sector (26 per cent) can be improved to realise the full potential of the economy to achieve stable growth and development," the release said. The Gross State Domestic Product (GSDP) in the July -September quarter (Q2) has been estimated to be at Rs 50,144 crore as against Rs 47,103 crore during the corresponding period of last year, registering a growth of 6.46 per cent as against the national average of 5.33 per cent, the release said. Agriculture and allied sectors contributed Rs 8,134 crore during Q2 as against Rs 7,715 crore during the corresponding period last year, marking a growth of 5.43 per cent, the release said. The state's industrial sector contributed Rs 12,341 crore to the GSDP as against Rs 12,051 crore in the corresponding period, registering a growth rate of 2.40 per cent, the release said.

The mining and quarrying sector registered a growth of 7.92 per cent due to increase in production of minerals but the manufacturing sector registered an insignificant growth of 0.08 per cent, the release said. "Owing to best administrative reforms and better production and supply management practices pursued in the state, the electricity sector recorded an impressive two digit growth of 10.35 per cent and is heading towards realizing the objective of 24x7 power supply to all consumers in the state," the release said. "Real estate, banking and insurance sectors' growth was also impressive at 9.93 per cent and 11.52 per cent respectively. Others in the services sector have also shown positive trends, registering a growth of 7.49 per cent over previous year," the release said.