Bolstered by a 7.4 per cent growth rate in 2009-10, finance minister Pranab Mukherjee today exuded confidence that the economy would expand by over 8.5 per cent in the current fiscal.

"... on the whole it is 7.2 per cent plus (in 2009-10). I have already stated 8.5 per cent, about 8.5 per cent plus (for the current fiscal)," he told reporters after official data today showed that the economy expanded faster than the earlier estimate of 7.2 per cent in 2009-10.

The economy, according to the data released by the Central Statistical Organisation (CSO) earlier in the day, grew by 8.6 per cent in the fourth quarter of the last fiscal.

The growth figures were also revised from 7.9 per cent to 8.6 per cent for the second quarter and from six per cent to 6.5 per cent in the third quarter.

"I do hope that if this had happened earlier, perhaps we could have had a higher GDP growth," Mukherjee said.

The output of agriculture and allied sector declined by 1.6 per cent during the third quarter (January-March 2009-10).