logo
Plus   Neg
Share
Email

India Enters Recession In Sep Qtr

India's economy 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

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT