Financial News: India Dec Qtr Growth Misses Expectations

India Dec Qtr Growth Misses Expectations

02/28/2023 - 07:20:00 (RTTNews)

(RTTNews) - India's economy grew at a slower than expected pace in the three months to December 2022, preliminary data from the statistics ministry showed Tuesday.

Gross domestic product grew 4.4 percent year-on-year following a 6.3 percent growth in the three months to September. Economists had forecast growth of 4.6 percent.

The ministry said the real GDP growth for year 2022-23 is estimated at 7.0 percent compared to 9.1 percent in 2021-22.

Earlier on Tuesday, data from the commerce ministry showed that the combined index of eight core industries, or ICI, rose 7.8 percent year-on-year in January, led by increased production of fertilizers, coal, electricity, steel, natural gas, cement and refinery products.

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