Reversal in trend

Economy seems to have shaken off note ban, GST effects

The headline number provided by the Central Statistics Office in its first estimates of economic growth in the July-September quarter provides a welcome reversal of trend. Gross domestic product (GDP) at constant 2011-12 prices has grown by 6.3 per cent in the second quarter of 2017-18 over the figure reported for the corresponding quarter of 2016-17. In the previous quarter, between April and June this year, GDP growth was 5.7 per cent. Output growth has been declining, according to CSO estimates, since the January-March 2016 quarter. The reversal of this multiple-quarter slowdown suggests that the economy has put behind it