Goa economy grows despite mining ban, GSDP at 7.71%: Report

PANAJI: Goa's Gross State Domestic product ( GSDP) showed an upward trend during last financial year despite economic slowdown due to ban on iron ore exports in the state, as per the Economic Report.

The state's GDP which was hovering around 20.20 per cent in 2011-12 before the iron ore exports were closed, had crashed to 4.17 per cent during last financial year (2012-13).

The Economic Report, which was tabled during the ongoing state Legislative Assembly session, mentions that the GDP rose to 7.71 per cent during 2013-14.

The report mentions that the growth rate under primary sector increased from minus 39.89 per cent in 2012-13 to 9.86 per cent in 2013-14.

The growth was mainly due to improvement in sub-sectors like agriculture, forestry and fishing wherein the growth rate increased from minus 4.43 per cent in 2012-13 to 13.80 per cent in 2013-14.

The survey states that the growth rate under secondary sector improved from 4.43 per cent in 2012-13 to 5.60 per cent in the 2013-14.

While the state's health has been found good, the institutional finance in Goa has also been growing rapidly.

"As on June 2014, the 694 bank branches had mobilised deposits to the tune of Rs 48,708 crore as against Rs 39,661 crore in March 2013, thereby depicting an increase in deposit mobilisation by 22.81 per cent," the report added.