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India’s economy grows less than expected in Q1

by ChemOrbis Editorial Team -
  • 06/06/2017 (11:48)
According to media reports, India’s GDP grew by 6.1% year-on-year in the January-March quarter and missed the estimates of a growth of 7.1%. The slowdown in the country’s economy was attributed to the government’s decision to ban high-value banknotes in the country on November 2016.

The economists argued that the performance of especially the banking and the construction sectors was not good and they need to improve in order to support the economy in the near term.

The country’s GDP for the whole financial year of 2017 increased by 7.1% in line with expectations.

The data also showed that exports rose by 6.7% on a yearly basis from 4.7%. However, the growth in other sectors were reported to be slower with increases of 5.3% in manufacturing from 8.2%; 2.2% in financial services from 3.3% and 5.2% in agriculture from 6.9%. The data revealed a further contraction in construction sector by 3.7% from 3.4%.

Meanwhile, mining was the only sector to have posted an annual growth of 6.4% from 1.9%.
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