The Indian economy shrank 7.5% yoy in Q3 2020, less than expectations of an 8.8% drop, amid easing of lockdown restrictions from June, higher demand during festival season and a rebound in manufacturing and utilities. It follows a record 23.9% plunge in Q2, bringing the economy into recession for the first time on record. On the demand side, smaller decreases were recorded for private spending (-11.3% vs -26.7%); investment (-7.3% vs -47.1%), exports (-1.5% vs -19.8%) and imports (-17.2% vs -40.4%). On the production side, manufacturing (0.6% vs -39.3%) and utilities (4.4% vs -7%) rebounded and mining (-9.1% vs -23.3%); construction (-8.6% vs -50.3%); and trade, hotels (-15.6% vs -47%) fell less while finance, real estate and professional activities shrank faster (-8.1% vs -5.3%). The GDP is still seen contracting in Q4 as the pandemic is far from controlled and the government announced a $10 billion stimulus package in mid-October only. source: Ministry of Statistics and Programme Implementation (MOSPI)
GDP Annual Growth Rate in India averaged 5.76 percent from 1951 until 2020, reaching an all time high of 11.40 percent in the first quarter of 2010 and a record low of -23.90 percent in the second quarter of 2020. This page provides - India GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Annual Growth Rate in India is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in India to stand at 8.50 in 12 months time. In the long-term, the India GDP Annual Growth Rate is projected to trend around 5.50 percent in 2021 and 7.00 percent in 2022, according to our econometric models.