India GDP rises 5.3% on-year in July-Sept. quarter
Posted: Fri Nov 30, 2012 1:00 pmIndia GDP rises 5.3% on-year in July-Sept. quarter
from MarketWatch.com - MarketPulse
HONG KONG (MarketWatch) -- India's economic growth expanded 5.3% in the fiscal second quarter from the year-earlier period, led by an improvement in services-sector activity despite sluggish manufacturing and agricultural activity. The growth in the country's gross domestic product for the quarter ended Sept. 30 represents a slowdown from the 5.5% year-on-year expansion recorded in the April-to-June period. Although slightly higher than the 5.2% growth estimated in a Dow Jones Newswires survey of economists, the quarter's growth is significantly lower than the 6.7% acceleration rate in the July-to-September period of the previous financial year. While agriculture grew 1.2% and manufacturing activity merely increased 0.8% during the last quarter, a stronger improvement in the services sector, responsible for about 55% of the country's output, pushed the overall growth rate higher. The stock benchmark Sensex extended gains slightly after the data release, rising 0.3% to 19,232.17.
from MarketWatch.com - MarketPulse
HONG KONG (MarketWatch) -- India's economic growth expanded 5.3% in the fiscal second quarter from the year-earlier period, led by an improvement in services-sector activity despite sluggish manufacturing and agricultural activity. The growth in the country's gross domestic product for the quarter ended Sept. 30 represents a slowdown from the 5.5% year-on-year expansion recorded in the April-to-June period. Although slightly higher than the 5.2% growth estimated in a Dow Jones Newswires survey of economists, the quarter's growth is significantly lower than the 6.7% acceleration rate in the July-to-September period of the previous financial year. While agriculture grew 1.2% and manufacturing activity merely increased 0.8% during the last quarter, a stronger improvement in the services sector, responsible for about 55% of the country's output, pushed the overall growth rate higher. The stock benchmark Sensex extended gains slightly after the data release, rising 0.3% to 19,232.17.