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.
Reprinted from RTTNews，the copyright all reserved by the original author.
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