Unsavoury implication of GDP numbers: Slowdown has not bottomed out

The latest data released by the Central Statistics Office (CSO) indicates that GDP growth stood at a subdued 4.7 per cent in Q3FY20, which is in line with our estimates. Encouragingly, the reassessed pace of economic expansion in Q1FY20 and Q2FY20 has been revised upwards by the CSO to 5.6 per cent and 5.1 per cent, respectively, albeit on the back of a lower base for the corresponding quarters of FY2019. However, this reveals the unsavoury implication that the slowdown in the growth momentum continued in the just-concluded quarter, belying our expectation that the GDP growth had bottomed out in

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