According to an SBI research report titled Ecowrap, the country's gross domestic product (GDP) is expected to expand at 5.8 percent in the third quarter of fiscal 2022.
In the second quarter of 2021-22, the country's GDP grew by 8.4 percent, surpassing pre-pandemic levels. However, GDP growth in the July-September period was lower than the preceding quarter's 20.1 percent gain.
On February 28, the National Statistical Office (NSO) will release GDP estimates for Q3 FY 2021- 22. "As per SBI Nowcasting Model, GDP growth for Q3 FY22 is expected to be 5.8 percent, with a downward tendency. GDP growth for the whole year (FY22) has been cut down to 8.8 percent from our previous estimate "f 9.3 percent, read the data released on Friday.
The Nowcasting Model is based on 41 high-frequency data related to industry, service, and global economic activity. The real GDP will be about Rs.2.35 lakh crore higher / 1.6 percent higher than FY20 real GDP of Rs.145.69 lakh crore, the report added.
Private consumption has remained below pre-pandemic levels, according to the report, and the rebound in domestic economic activity has yet to be broad-based.
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