Page 24 - Gdp

Moody's sees India's GDP expanding 6-6.3% in Q1, flags fiscal slippage risk

Moody's on Sunday said the Indian economy is expected to clock a 6-6.3 per cent growth in June quarter, and flagged risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal. Moody's growth estimate is lower than the 8 per cent projection for the first quarter made by the Reserve Bank last week. In an interview with PTI, Moody's Investors Service Associate Managing Director Gene Fang said India has a relatively high level of general government debt at around 81.8 per cent of GDP for 2022-23, and low debt affordability. India, he said, has a high growth potential and its credit strengths include a stable domestic financing base for government debt, as well as a sound external position. "We expect India's growth to come in around 6-6.3 per cent in the first quarter of the current fiscal year, which remains relatively flat from the 6.1 per cent recorded in the final quarter of fiscal 2022-23," Fang said. While household demand is likely to s

India's GDP growth for FY23 likely to be over 7.2%, says CEA Nageswaran

Private consumption as a share of GDP was at a 16-year high, the CEA added

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

India planning fewer annual GDP estimates to avoid confusing markets

The proposal is being discussed between the ministries of statistics and finance as well as top officials from Prime Minister Narendra Modi's government

Eurozone slips into recession after GDP shrinks 0.1% in Jan-Mar: Report

The Eurozone has fallen into recession, new data show, as its economy contracted over the winter, according to a media report

Russia's GDP projected to grow by 1% through 2023: Finance Minister Anton

Russia's GDP is projected to grow by 1 per cent this year, accompanied by an anticipated increase in real income for the population, Finance Minister Anton Siluanov said on Tuesday.

5 states project their economies to grow slower than national GDP in FY'23

So far, only 15 states have revealed their projections for the gross state domestic product for 2022-23

GST collection to car sales: May data paints healthy picture of economy

GST collection, car sales post robust numbers

India's FY24 GDP data: Spate of forecast hikes, but not all agree

Some say El Niño conditions may prove to be a headwind for the economy

Canada's real GDP grew by 0.2% in April, 0.8% in first quarter this year

Canada's real gross domestic product (GDP) grew 0.2 per cent in April and 0.8 per cent in the first quarter this year, the statistical agency said in its advance estimates

India's GDP grows 6.1% in Q4, 7.2% in 2022-23; beats analysts' expectations

Manufacturing and construction sectors surprise on the upside

GDP data shows Indian economy moving at faster pace, says experts

GDP data released on Wednesday clearly indicates that the Indian economy is moving at a faster clip from the March quarters onwards, with sectors like manufacturing and agriculture pushing the overall economic activities, according to industry associations and experts. The economy grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country's economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years. In 2021-22, the economy grew by 9.1 per cent. "Looking into the fine print of the GDP data for 2022-23, a clear signal is available that the Indian economy has moved at a faster clip from the fourth quarter of FY23 in key sectors like manufacturing, construction and financial services," industry body Assocham's Secretary General Deepak Sood said. Going forward, he said the momentum is likely to continue given softening of raw material prices, including crude

GDP preview: Why is India likely to retain fastest-growing economy tag

Growth in services and manufacturing and private investment rebound likely to have helped economy in Q4

India's fiscal deficit target of 5.9% for FY24 at risk, warns Nomura

A notable increase in RBI's income, which was driven by profits from foreign exchange sales amounting to Rs 1 trillion, reflects active intervention in the foreign exchange market

Advance estimates fail to gauge economy correctly in periods of uncertainty

Advance estimates have varied from actual numbers during 2008 crisis, Eurozone crisis, 'policy paralysis' and Covid lockdown years

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Services sector to drive GDP growth to 4.9% in Q4 FY23, says Icra

Domestic rating agency Icra expects GDP growth in January-March period of 2022-23 at 4.9 per cent, a modest step-up from the 4.4 per cent recorded in preceding quarters, driven by the services sector. The National Statistical Organisation (NSO) is scheduled to release the provisional estimate for the GDP growth for the fourth quarter as well for the fiscal 2022-23 on May 31. Icra estimates the services gross value added (GVA) year-on-year growth to have risen mildly to about 6.4 per cent in Q4 FY23 from 6.2 per cent in Q3 FY23. The YoY performance of nine of the 14 high frequency indicators of the services sector improved in Q4 FY23 relative to Q3 FY23, partly reflecting the robust demand for the contact-intensive segment, as well as the low base of Covid 3.0 for some sectors such as aviation, it said in a release. Aditi Nayar, Chief Economist, Head-Research and Outreach, Icra, said that economic activity in fourth quarter of FY23 remained uneven, with domestic demand for services

Germany's GDP shrinks by 0.3% in first quarter, puts economy into recession

New figures show the German economy suffered an unexpected dip in the first quarter of this year, putting the country formally into recession. Data released Thursday by the Federal Statistical Office shows Germany's gross domestic product, or GDP, down by 0.3 per cent in the period from January to March. This follows a drop of 0.5 per cent in Europe's biggest economy during the last quarter of 2022. Two consecutive quarters of decline constitute a technical recession. The figures are a blow to the German government, which last month boldly doubled its growth forecast for this year after a feared winter energy crunch failed to materialise. It said GDP will grow by 0.4 per cent up from a 0.2 per cent expansion predicted in late January a forecast that may now need to be revised downward. Economists said high inflation hit consumer spending, with prices in April 7.2 per cent higher than a year ago. GDP reflects the total value of goods and services produced in a country. Some exper

Need to go beyond GDP

The need to complement purely GDP-based progress with alternative measures of economic and societal progress is now being suggested as a new reference point for measuring quality growth

Goldman Sachs sees remittances keeping CAD lower in 2023: Report

Despite an improved external situation, Goldman expects rupee to underperform Asian peers