Hyderabad: Andhra Pradesh's economy grew 6.94 percent during the first half of the 2014-15 fiscal, which is more than the national average of 5.52 percent, according to an official release issued here Friday.
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 percent while participation and the role of the industrial sector (26 percent) 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 percent as against the national average of 5.33 percent, 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 percent, 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 percent, the release said.
The mining and quarrying sector registered a growth of
7.92 percent due to increase in production of minerals but the manufacturing sector registered an insignificant growth of 0.08 percent, 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 percent 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 percent and 11.52 percent respectively. Others in the services sector have also shown positive trends, registering a growth of 7.49 percent over previous year," the release said.
