India’s [economy][1] entered a recession in the September quarter though the pace of contraction slowed markedly due to the relaxation of lockdown measures, official data revealed Friday.
Gross domestic product fell 7.5 percent year-on-year, slower than the record 23.9 percent contraction posted in the June quarter, data from the statistics ministry showed.
With the second consecutive fall in GDP, the economy entered a technical recession.
Nonetheless, the pace of fall in GDP was slower than the economists’ forecast of -8.8 percent. In the same period last year, GDP was up 4.4 percent.
In gross value added terms, GDP dropped 7 percent in the September quarter versus a 22.8 percent drop a quarter ago.
Early this month, the Reserve Bank of India said the Indian economy contracted 8.6 percent in the quarter ended September.
For comments and feedback contact: editorial@rttnews.com
[Economic News][1]
What parts of the world are seeing the best (and worst) economic performances lately? Click[here][2] to check out our [Econ Scorecard][2] and find out! See up-to-the-moment rankings for the best and worst performers in [GDP][2], [unemployment rate][3], [inflation][4] and much more.