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CSO springs a surprise

GDP data beat the most optimistic estimates

The second advance estimates of national income by the Central Statistics Office (CSO) were perhaps more eagerly awaited than any data release in recent memory. That is because they not only provide the full-year growth estimates of gross domestic product (GDP) but also the quarterly GDP estimates of the third quarter (Q3). The major takeaway from the numbers is that demonetisation’s impact on growth has been extremely muted, with minimum impact on various sectors. In the process, the CSO surprised just about everyone outside the government by stating that it expected GDP growth for ...