India's gross domestic product (GDP) grew by 6.6 per cent in the third quarter (Q3), the slowest in the past five quarters, increasing chances of another interest rate cut by the central bank to boost growth.
The Central Statistics Office (CSO) also revised its full-year growth forecast downward for the current fiscal year to 7.0 per cent from the 7.2 per cent estimated earlier, the statement said.
The data for the April-June and July-September quarter were also revised down to 8.0 per cent and 7.0 per cent, respectively.
"December 2018 GDP numbers were along our expectations weighed by a pullback in consumption and note revisions in the past two quarters," said Economist at DBS Bank Radhika Rao.
"While this backward data corroborates the softness in past high-frequency indicators, January data signals that the slowdown has spilled over into 2019." he added.
