Real GDP/GVA growth decelerated sharply to 20-quarter slowest growth of 5.8%/5.7% YoY in 4QFY19, much lower than the market consensus of 6.3%/6% (our forecast of 6.2%/5.9%). It implies that real GDP/GVA grew 6.8%/6.6% in FY19, lower than market consensus (and our forecast) of 6.9%/6.7% and the government’s estimate of 7%/6.8%.