India Q1 GDP growth rate at 7% vs 7.5% QoQ

The country’s first quarter (April-June) gross domestic product in fiscal year 2015-16 slipped from 7.5 percent in the previous quarter to 7 percent (January-March). A poll of economists had forecast growth to come in at 7.5 percent.

The country’s first quarter (April-June) gross domestic product in fiscal year 2015-16 slipped from 7.5 percent in the previous quarter (January-March) to 7 percent. A poll of economists had forecast growth to come in at 7.5 percent.

The GDP growth data is calculated under the new methodology (GDP at market prices) that the government’s statistics department moved to last year.

Economists said the number was disappointing but said further detail was needed in order to understand the data better.

Among key components, growth in agriculture, manufacturing, construction and mining sectors stood at 1.9 percent, 7.2 percent, 6.9 percent and 4 percent, respectively, year-on-year.

The GDP at gross value added (GVA), a key measure that measures growth by expenditure, stood at 7.1 percent versus 7.4 percent YoY. The GVA is calculated by adding taxes and subtracting subsidies.

More to come.