PANAJI: The economic survey 2016-17, which was tabled by the state government on Thursday in the legislative assembly, has shown that Goa’s economy slowed down sharply in 2016-17 compared to the national average.
The data released by the state economic survey has said that according to the advanced estimates for Goa, the growth rate for the year ending March 31, 2017 has been projected at 5.5 per cent, down from 8.4 per cent in 2015-16.
At national level, the GDP estimates at constant (2011-12) prices have been estimated to grow at 7.1 per cent in 2016-17 as compared to 7.9 per cent in 2015-16.
“There may be likelihood of this growth being revised in subsequent revision,” the report has said, adding that during 2012-13 the growth rate in GSDP dipped to -15.38 per cent; this was mainly due to significant fall in the primary sector brought about by rapid slowdown in the growth of mining sector in the state, which almost came to a standstill in 2012-13.
The sector-wise growth composition shows that during the year 2015-16 primary sector accounted for 6.88 per cent, secondary sector for 46.45 per cent and tertiary sector accounted for 46.67 per cent.
The primary sector which accounted for 21.52 per cent during 2011-12 declined to 6.88 per cent during 2015-16. Similarly, the composition of secondary sector which was about 47.23 per cent during 2011-12 has come down to 46.45 per cent during 2015-16.
However, the composition of tertiary sector gradually increased from 31.25 per cent in 2011-12 to 46.67 percent in 2015-16.
The primary sector saw negative growth during the period 2012-13 to 2014-15 with -52.63 per cent in 2012-13, -43.83 per cent in 2013-14 and -1.38 in 2014-15. Thereafter, in 2015-16 the growth rate under the primary sector improved and stood at 2.33 per cent. This was mainly due to the improvement in livestock wherein the growth rate improved from -6.48 per cent in 2014-15 to 41.64 per cent in 2015-16.
The growth rate under secondary sector registered negative growth during 2012-13 and 2013-14 reflecting -12.35 per cent and -20.10 per cent and thereafter improved slightly to 6.56 per cent during 2014-15. The positive growth in the secondary sector continued during 2015-16 and stood at 10.76 per cent.
Similarly, the growth rate under tertiary sector was 1.44 per cent in 2012-13 and went up to 3.24 per cent in 2013-14 and 13.47 per cent in 2014-15.
This was mainly because of improvement in trade, repair, hotels and restaurants.
As per sectoral growth rate of GSDP at constant, in agriculture, forestry and fishing it stood at 2.01 per cent in 2015-16 against -1.59 in 2014-15, mining and quarrying saw 21.68 per cent in 2015-16 against 13.26 in 2014-15, manufacturing stood at 9.55 per cent in 2015-16 against 5.25 per cent in 2014-15, electricity, gas, water supply and other utility services saw 24.52 per cent in 2015-16 against 22.57 per cent in 2014-15, construction saw 2.79 per cent in 2015-16 against -0.26 in 2014-15, trade, repair, hotels and restaurants saw 17.32 per cent in 2015-16 against 27.13 per cent in 2014-15, transport, storage, communication and services saw -24.90 per cent in 2015-16 against 38.71 per cent, financial services’ growth remained at 6.35 per cent in 2014-15 and 2015-16, real estate, ownership of dwelling and professional services grew at 11.11 per cent in 2015-16 against 10.55 per cent in 2014-15, public administration saw 3.35 per cent in 2015-16 against 3.24 per cent in 2014-15
In other services the growth was at 6.16 per cent in 2015-16 against 5.12 per cent in 2014-15.
The survey report also indicated that Goa has witnessed an increasing trend in public dept.
The public debt as on March 31, 2017 has been estimated to be Rs 12,0186.96 crore as against Rs 10,945.38 crore during March 2016, thereby registering an increase of Rs 103.78 crore during the year,
In 2012, the total public dept was Rs 6872.36 crore, the report has said.
The report has said that per capita income showed an increase from Rs 2,71,793 in 2014-15 to Rs 2,99,003 in 2015-16, which was Rs 2,89,192 in 2011-12.
Goa has witnessed 19.5 per cent growth in the tourist footfalls during 2015-16 with 63.31 lakh tourists visiting the coastal state.
The state received 63.31 lakh tourists in 2016 which comprised of 56.50 lakh domestic and 6.81 lakh foreign tourists.
However, it has also stated that the growth is less compared to the earlier year, which was recorded 30.55 per cent growth during 2015.
Furthermore the survey report mentioned that during tourist season 2016-17 up to February, 743 chartered flights had arrived in the state bringing in 1.83 lakh tourists.
“In order to promote Goa as an ideal tourist destination, several initiatives and tourism infrastructure projects were undertaken to augment the carrying capacity of the state,” report stated.