The economy grew at 4.5% in the second quarter of the ongoing fiscal, the government data released on Friday showed. Many economists had expected GDP growth rate to fall further amid consumption slowdown and loss of thousands of jobs. In the first quarter of the ongoing fiscal, the GDP had fallen to 5 per cent.The fiscal deficit in the first seven months through October stood at Rs 7.2 lakh crore or 102.4% of the budgeted target for the current fiscal year. The October core industrial growth stood at (-)5.8%. In the last quarter, the Gross Value Added (GVA) had fallen too to 4.9 percent as against 6.9 percent in the same period last year. “Economic growth may have slowed but there is no recession, there can be no recession,” said Finance Minister Nirmala Sitharaman said in Rajya Sabha earlier this week. Meanwhile, the market benchmark BSE Sensex tumbled 336 points on Friday as investors turned jittery ahead of GDP data release.