India Q1 GDP data today: This is how other major economies fared in June quarter
consumer spending and business investment," the Mint report said. Read more: US Q2 GDP growth revised down to 2.1% annual rate from 2.4% India remains one of the fastest-growing large economies in the world and is expected to witness healthy growth in the current financial year. Experts say while the latest growth prints of major economies of the world show some signs of pressure, the Indian economy is shining.
Read more: Q1 GDP preview: India Q1 GDP print may beat RBI MPC forecast China’s gross domestic product from the April to June quarter came at 6.3 per cent YoY while the UK's GDP increased by 0.4 per cent YoY in the same period. Japan's GDP expanded by 6 per cent YoY in the June quarter while Germany's adjusted GDP contracted by 0.2 per cent YoY in the same quarter. The US economy grew by 2.1 per cent QoQ in the April-June quarter.
Recently, the International Monetary Fund (IMF) revised India’s GDP growth forecast to 6.1 per cent for 2023, up from 5.9 per cent projected by the financial institution earlier this year as a result of stronger domestic investment. The IMF projected India's growth for 2024 at 6.3 per cent. Earlier in June, Fitch Ratings raised its FY24 (2023-24) growth forecast for the Indian economy to 6.3 per cent, from 6 per cent predicted earlier.
After the MPC meeting in August, RBI projected India's real GDP growth for FY24 at 6.5 per cent with Q1 at 8 per cent, Q2 at 6.5 per cent, Q3 at 6.0 per cent, and Q4 at 5.7 per cent. For the financial year 2022-23, India's growth rate came in at 7.2 per cent, higher than the RBI's estimate of 7 per cent. However, the pace of growth was slower as compared to the 9.1 per cent recorded in FY22.
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