Page 24 - Latest Updates on New GDP series

A tall order reaching $5 trn GDP a year ahead of IMF's FY27 projection

India's economy is officially projected to reach Rs 272 trillion, or $3.58 trillion, this financial year

China's new Premier Li says achieving 5% GDP target this year not easy

China's new Premier Li Qiang on Monday said achieving the five per cent GDP target for the slowing down economy is not an easy task and requires redoubled efforts but assured the country's tattered private sector better environment, broader space for development. Li Qiang, the long-term aide of Chinese President Xi Jinping who succeeded Li Keqiang, in his first press conference, drew on Chinese folklore to demonstrate the country's resilience in the face of difficulties but concedes the economy faces challenges. He acknowledged that achieving the 2023 gross domestic product (GDP) growth target of around five per cent for this year on the current high base of China's economic output is not an easy task and requires redoubled efforts. Playing down the importance of GDP, he said most people do not keep their eyes on GDP growth all the time. China, the world's second-largest economy, last year reported a three per cent GDP, the lowest in decades and the target of about five per cent se

Japan's GDP growth downgraded to annualised real rate of 0.1% in Q4 2022

Japan's economic growth in the October to December 2022 quarter was downgraded, owing to private consumption increasing less than previously thought, the government said in a report on Thursday

GDP growth may print at about 4% in Q4FY23: India Ratings analyst

Pencilling in just 4 per cent GDP growth for the fourth quarter, a rating agency report has said the final growth numbers for the full year will be lower than the second advance estimate of 7 per cent. The economy grew at 13.2 per cent in the first quarter and 6.3 per cent in the second three-month period due to base effect and much lower than the consensus expectation of 4.4 per cent in the third quarter. To close the full fiscal with a 7 per cent growth, the GDP should deliver at least a 4.1 per cent uptick. India Ratings analyst Paras Jasrai in a report said the agency expects GDP to print in at around 4 per cent in Q4, which would mean GDP growth for FY23 could be lower than 7 per cent but did not quantify the same. The National Statistical Office, in its second advanced estimate, has retained GDP growth at 7 per cent for the full year, which factors in a growth of 5.1 per cent. However, the agency sees many downside risks to this estimate, such as the pent-up demand, which had

India's Q4 economic growth in 2022 to be temporary: Moody's Analytics

The country's economic slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale

Difference between investment rate in nominal and real terms widening

The difference between the real and nominal GFCF rates was five percentage points. The difference stood at over 5% in the previous two quarters of the current financial year

Recent earthquake caused damage worth $5.1 billion in Syria: World Bank

The World Bank said on Friday that Syria sustained an estimated USD 5.1 billion in damages in last month's massive earthquake that struck southeast Turkey and northern parts of the war-torn country. The quake killed at least 50,000 people, including about 6,000 in Syria, according to the United Nations. Tens of thousands are still missing and hundreds of thousands were left homeless. In a report released on Friday, the World Bank says the level of the damage in Syria is about 10 per cent of the country's gross domestic product. Syria's northern province of Aleppo was the most severely hit region, accounting for 45 per cent of the total damages in Syria and amounting to about USD 2.3 billion in damages. Also badly hit was the rebel-held region in the northwest, home to some 4.6 million people, many of them previously displaced by Syria's war. Aleppo was followed by the northwestern province of Idlib, with estimated damages of USD 1.9 billion and Latakia, government-controlled territ

Services PMI at 12-yr high of 59.4 in Feb on strong demand, easing prices

Strong demand, easing price pressures amid mild job creation drive index

It's not 'K': CEA Nageswaran says urban recovery faster than rural

The CEA said there was still pent-up demand in the system, as in the past three years, India had been growing below potential

Corporate sector can cut emission intensity of GDP by further 5.6% in 2030

The Bureau of Energy Efficiency will administer India's carbon trading framework, which is getting ready for its rollout

Manufacturing PMI at a 4-month low of 55.3 in Feb as input costs rise

The survey noted that the February data pointed to a consecutive twenty-month rise in manufacturing production

Union minister urges mining sector to contribute 2.5% in GDP by 2026-27

Union minister Pralhad Joshi on Wednesday urged all stakeholders from the mining industry to take the sector's contribution to GDP to 2.5 per cent by 2026-27 and said that the government will come up with investor-and industry-friendly norms. Joshi, who holds the portfolios of Parliamentary affairs, coal and mines, was speaking at the 75th foundation day of the Nagpur-based Indian Bureau of Mines, a multi-disciplinary government organisation. The minister said many sectors in India are transforming and the country's mining businesses can achieve the target of a 2.5 per cent contribution to the country's Gross Domestic Product (GDP) by 2026-27. Addressing entrepreneurs and representatives of the mining sector, Joshi said the Indian Bureau of Mines, government and private mining entities should work towards this goal. Joshi said the government has brought in many changes in the sector and would be introducing more investor-and industry-friendly norms in future, most probably in the .

Q3 GDP growth seems tepid only due to revisions made in earlier years: CEA

Comparing a data point that has been revised 3-4 times with another that is still called 'advanced estimate' isn't a cases if apples-to-apples but of apples-to-oranges, says V Anantha Nageswaran

Q3 GDP numbers: Pent-up household demand fizzles out, shows data

Govt capex carries capital formation

Q3 GDP numbers: Risks outweigh upside potential of FY24 growth, says CEA

The 2022-23 Economic Survey, Nageswaran's first as CEA, projected 6.5 per cent as baseline growth for FY24, within a range of 6-6.8 per cent

India's Q3 GDP numbers: Testing growth guardrails

One minus is that aggregate private sector capex participation will lag, barring few sectoral pockets

India's GDP growth slows to 4.4% in Q3; manufacturing woes remain

Manufacturing output shrinks for second straight quarter

CEA Nageswaran says 7% growth forecast for current fiscal 'very realistic'

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course we do have some uncertainty related to monsoon because of El Nino activity we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war broke out in 2022 bu

The growth challenge

Higher growth next year would require policy work

India GDP growth slows down to 4.4% in Q3; FY23 estimate retained at 7%

In the first Advance Estimates released in January too, MoSPI had estimated GDP growth in FY23 at 7 per cent