MUMBAI: The BSE benchmark Sensex on Tuesday opened more than 270 points down on global cues and less-than-expected GDP growth.
www.sevagiri.com
The GDP data showed that growth has not accelerated much.
Reflecting a muted performance, the GDP growth slowed to 7 per cent in the April-June quarter, from 7.5 per cent in the previous quarter, amid deceleration in farm, services and manufacturing sectors.A slower GDP growth, along with slower pace of industrial production expansion, however bolsters the case for a rate cut by the Reserve Bank.
The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, also slipped during the first quarter to 7.1 per cent, from 7.4 per cent a year ago.
The GDP grew at 7.5 per cent in the January-March quarter while it was 6.7 per cent in the April-June quarter last year, according to data from the Central Statistics Office (CSO).
The nominal GDP and GVA at current market price showed a steep decline in the quarter under review. The nominal GDP slipped to 8.8 per cent in Q1 from 13.4 per cent a year ago while the GVA growth rate nearly halved to 7.1 per cent from 14 per cent a year ago.
Asian shares fell on Tuesday as gloomy manufacturing data from China and weak investment figures in Japan augured further uncertainty for investors after a brutal August.
www.sevagiri.com
The GDP data showed that growth has not accelerated much.
Reflecting a muted performance, the GDP growth slowed to 7 per cent in the April-June quarter, from 7.5 per cent in the previous quarter, amid deceleration in farm, services and manufacturing sectors.A slower GDP growth, along with slower pace of industrial production expansion, however bolsters the case for a rate cut by the Reserve Bank.
The Gross Value Added (GVA), a new concept introduced by CSO to measure the economic activity, also slipped during the first quarter to 7.1 per cent, from 7.4 per cent a year ago.
The GDP grew at 7.5 per cent in the January-March quarter while it was 6.7 per cent in the April-June quarter last year, according to data from the Central Statistics Office (CSO).
The nominal GDP and GVA at current market price showed a steep decline in the quarter under review. The nominal GDP slipped to 8.8 per cent in Q1 from 13.4 per cent a year ago while the GVA growth rate nearly halved to 7.1 per cent from 14 per cent a year ago.
Asian shares fell on Tuesday as gloomy manufacturing data from China and weak investment figures in Japan augured further uncertainty for investors after a brutal August.
Source - TOI
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