The Strategist

India's GDP growth slows to 7.6% in July-September, still exceeds forecasts

12/01/2023 - 02:03

India's second fiscal quarter saw 7.6% year-over-year growth in GDP (July-September), the nation's National Statistical Office report reads.

Robin Baumgarten
Robin Baumgarten
The rate of economic growth decreased in comparison to the previous quarter, when it was 7.8% year over year.

The average prediction made by experts surveyed by Trading Economics was for a 6.5% increase in the Indian GDP between July and September.

The manufacturing sector in India grew by 13.9% in the latest quarter, followed by construction at 13.3%, mining at 10%, utilities at 10.1%, and real estate, finance, and professional services at 6%.

Because to the unfavorable weather, agriculture saw a weaker 1.2% growth rate.

India had increases in government spending by 12.4%, gross capital investment of 11%, exports of 4.3%, and imports of 16.7% between July and September.

There was a 3.1% increase in consumer spending.