NEW DELHI: The Indian economy grew at 7.3 per cent in 2014-15 due to improvement in the performance of both services as well as manufacturing sectors.

According to the data release by the central statistics office (CSO) on Friday, the economic growth was 6.9 per cent in 2013-14 as per the new series of national accounts with base year of 2011-12.

The growth in 2014-15 was lower than the advance estimates of 7.4 per cent released in February.

The fourth quarter (January-March) of last fiscal saw the economy grow at 7.5 per cent, better than 6.6 per cent recorded for the previous three months, October-December.

READ ALSO: GDP to grow further after 7-7.5% last year, Jaitley says

The gross value added (GVA), a new concept introduced by CSO to measure the economic activity, rose by 7.2 per cent in 2014-15 compared 6.6 per cent in the previous fiscal.

The manufacturing sector GVA rose by 7.1 per cent during the year as against 5.3 per cent in 2013-14. Similarly, the output of electricity, gas, water supply and other utility services rose by 7.9 per cent as against 4.8 per cent a year ago.

The construction activity too registered an increase of 4.8 per cent, up from 2.5 per cent a year ago. Financial, real estate and professional services also showed an improvement by registering a growth of 11.5 per cent as against 7.9 per cent in previous fiscal.

READ ALSO: ‘India needs sustained GDP growth of 9-10%’

However, the farm and allied sectors grew by a meagre 0.2 per cent compared to 3.7 per cent a year ago.

The output of mining and quarrying sector too slipped to 2.4 per cent from 5.4 per cent a year ago.