The economy may have expanded only 4.5 per cent in 2012-13, well below the earlier estimate of 5 per cent, official data showed on Friday.
The downward revision has been prompted by lower than provisionally estimated agricultural and manufacturing output.
This is reflected in the first revised GDP estimates for 2012-13 released by the Central Statistics Office on Friday.
The revised GDP growth of 4.5 per cent is a decadal low — the previous low of 4 per cent was recorded in 2002-03.
The CSO has however raised GDP growth for 2011-12 to 6.7 per cent (second revised estimate) from 6.2 per cent.
Economic growth for 2010-11 was lowered to 8.9 per cent (third revised estimate) from 9.3 per cent projected earlier.
According to the first revised estimate of national income for 2012-13, agricultural growth stood at 1.4 per cent (5 per cent in 2011-12), and mining declined 2.2 per cent (0.1 per cent growth in 2011-12).
While manufacturing, electricity, construction, gas and water supply grew 1.2 per cent (8.5 per cent in 2011-12), the service sector grew 7 per cent (6.6 per cent in 2011-12).