India's Q2 GDP For FY 2022-23 Comes In At 6.3%, Largely In Line With Estimates

India Gross domestic product (GDP) data for the second quarter of July-September 2022 (Q2) quarter has come in at 6.3%, largely in line with estimates. There were wide ranging estimates for Q2 GDP ranging from 5.8% to touch 7% for the second quarter ending Sept 30, 2022. Bloomberg survey of economists estimated GDP to have risen 6.2% in the three months to September from a year ago. This beats those estimates marginally.

Agriculture sector growth was placed at 4.6%, vs 3.2% year-on-year.

"GDP at Constant (2011-12) Prices in April-September 2022-23 (H1 2022-23) is estimated at ₹75.02 lakh crore as against ₹68.36 lakh crores during the corresponding period of previous year, showing a growth of 9.7 percent in H1 2022-23 as against 13.7 percent during the same period last year. GDP at Current Prices in H1 2022-23 is estimated at ₹130.26 lakh crore as against ₹107.47 lakh crores during the corresponding period of previous year, showing a growth of 21.2 percent in H1 2022-23 as against 25.0 percent during the same period last year," a governemnt release stated.

Most analysts and economists have lowered India's GDP forecasts for the full year 2023. They expect that rising interest rates to slow economic growth, though credit outlook continues to remain strong.

Wall Street brokerage Goldman Sachs earlier this month said that the Indian economy is projected to grow 5.9 per cent in 2023, lower than 6.9 per cent growth estimated this year. S&P Global Ratings revised India's FY23 GDP growth forecast downwards by 30 bps to 7 per cent. For FY24, the forecast has been revised by 50 bps to 6 per cent.