India June quarter GDP growth second worst among G20 nations: OECD

In India, the main reasons for the slowdown were decreases in government spending and net trade (exports minus imports), according to OECD calculations.

India’s gross domestic product (GDP) in the June quarter contracted 1.4 per cent quarter-on-quarter, when adjusted for seasonality, and was the second worst performance among the G20 countries — the first being China — according to OECD calculations. 

“In India, the main reasons for the slowdown were decreases in government spending and net trade (exports minus imports),” OECD said in a statement. According to the statement, India’s GDP also contracted 1.4 per cent during the March quarter. However, India remained the fastest growing economy among G20 countries in the June quarter, when growth was calculated on a year-on-year basis.

China’s contraction reflected the lockdowns that were put in place to contain Covid-19 outbreaks, OECD said. Saudi Arabia (2.2 per cent) and Turkiye (2.1 per cent) registered the highest growth in the quarter. While the data for Argentina was not available, OECD said it had not included Russia’s GDP figures as “reliable estimates are not available”.