Economy

 

Kerala's economy has faced a number of setbacks over the last two years. The State had been hit by Cyclone Ockhi in 2017, and by severe floods resulting from unusually heavy rains in 2018 and again in 2019. The economic crisis in the Gulf countries has adversely affected Kerala economy, with a number of emigrant workers returning to the State and with a slowdown in remittance flows. Despite such setbacks, GSVA in Kerala grew at the rates of 6.8 per cent and 7.5 per cent respectively in 2017-18 and 2018-19. 
 
The growth of value added in Kerala had been fast in trade and repair services and in hotels and restaurants. These service sectors together registered rates of growth of 13.3 per cent and 7.0 per cent respectively in 2017-18 and 2018-19. Fast rates of value added growth were recorded also in professional services, public administration, social services and other services. To sum up, Kerala's GSVA grew at relatively fast rates during the period from 2016-17 to 2018-19 despite the many setbacks faced by the State and despite the growing signs of recession in the national economy. The sectors that contributed to this fast growth are fishing and aquaculture, manufacturing, trade, hotels and restaurants, social services mainly education and health, public services and professional services.
 
Source : Economic Review 2019                                                                          Read more @ www.spb.kerala.gov.in