Mumbai– The pace of India’s economic growth is expected to slowdown on a sequential basis during the second quarter of 2018-19, credit ratings agency ICRA said on Tuesday.

However, the gross domestic product A(GDP) growth rate will still be higher on a year-on-year (YoY) basis.

Accordingly, the firm predicted a growth rate of 7.2 per cent in Q2 from 8.2 per cent reported for the Q1 FY2019.

In terms of gross value added (GVA) at basic prices for Q2 is expected to grow at 7.1 per cent from 8 per cent in Q1 FY2019.

Nevertheless, the GDP and GVA growth would continue to considerably outperform the year-ago levels of 6.3 per cent and 6.1 per cent, respectively, in Q2 FY2018.

“The sequential decline in the YoY GVA growth in Q2 FY2019, relative to Q1 FY2019, is expected to be led by industry and agriculture, even as the momentum for the services sector is likely to improve,” said Aditi Nayar, Principal Economist, ICRA.

“Overall, ICRA expects manufacturing GVA growth to ease to 7 per cent in Q2 FY2019 from the healthy 13.5 per cent expansion in Q1 FY2019.” (IANS)