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Financial News: India Enters Recession In Sep Qtr

India Enters Recession In Sep Qtr

11/27/2020 - 07:56:00 (RTTNews)

(RTTNews) - 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.

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