Latest news with #GDPGrowth
Times of Oman
16 hours ago
- Business
- Times of Oman
Indian economy doing well, may achieve growth at higher end of 6.3-6.8% projection in FY26: CEA
New Delhi: Chief Economic Adviser (CEA) Anantha Nageswaran on Friday affirmed that the Indian economy is doing well and may achieve a growth rate at the higher end of its 6.3-6.8 per cent projection. "All in all, given the global environment, our economy is doing quite well," the CEA told reporters at a virtual press conference, soon after the GDP data for 2024-25 and January-March were released. "And if we continue with the efforts to bring in more foreign direct investment and the private sector, if it continues its increase in capital investment, which we saw in 2024-25 and urban consumption picks up on the back of let's say, better capital formation, hiring and compensation, then we can probably achieve a growth rate which is at the higher end of this range (6.3-6.8 per cent)." As was widely expected, the Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25. According to NSO's second advance estimates, the country's economy was projected to grow at 6.5 per cent in 2024-25. The Reserve Bank of India had projected 6.5 per cent GDP growth for the fiscal year 2024-25. In 2023-24, India's GDP grew by an impressive 9.2 per cent, continuing to be the fastest-growing major economy. The economy grew 8.7 per cent and 7.2 per cent, respectively, in 2021-22 and 2022-23. On Friday, the official GDP growth data for the January-March quarter was also released. The economy grew 7.4 per cent during the quarter. During the April-June, July-September, and October-December 2024 quarters, the country's economy experienced real-term growth rates of 6.7 per cent, 5.6 per cent, and 6.2 per cent, respectively. Asked whether unusual monsoon rains will impact vegetable prices, Chief Economic Adviser Anantha Nageswaran suggested against extrapolating a few weeks of prices and activity. "To say there will be a problem as of now, I think every indication is that crop produce will be good and with adequate inventory, the benign food price trends will continue," he explained. Amidst global uncertainty, the CEA said global growth for 2025 and 2026 is likely to slow, but India faces smaller forecast cuts in global forecasts. He supplemented high-frequency indicators for April 2025, showing strong Industrial and commercial activity in India. "Food Inflation remains benign due to good rabi harvest, higher summer sowing, healthy procurernent, and above-normal monsoon. Exports remain robust, forex reserves provide 11 months of import cover. Declining crude oil prices will potentially lower import bills, create fiscal space and alleviate external economic pressures," he said in a presentation. The government retains its outlook on 2025-26 growth at 6.3-6.8 per cent, with private consumption, especially the rural rebound, and resilient services exports as the key drivers. Multiple agencies have projected India's growth to be in the range of 6.3-6.7 per cent in 2025-26.
CTV News
a day ago
- Business
- CTV News
Canada's first quarter GDP expands, beating estimates as economy reacts to tariffs
A worker uses an angle grinder on a vessel under construction at Seaspan Shipyards, in North Vancouver, B.C., on Thursday, October 10, 2024. THE CANADIAN PRESS/Darryl Dyck Canada's economy in the first quarter grew faster than expected, data showed on Friday, primarily driven by exports as companies in the United States rushed to stockpile before tariffs by President Donald Trump. But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicate that the economy was battling on the domestic front. Economists have warned that as tariffs continue on Canada, this trend will persist. The gross domestic product in the first quarter grew by 2.2 per cent on an annualized basis as compared with the downwardly revised 2.1 per cent growth posted in the previous quarter, Statistics Canada said. This is the final economic indicator before the Bank of Canada's rates decision on Wednesday and will help determine whether the central bank will cut or stay pat on rates. Currency swap markets were expecting around 75 per cent chance the bank would hold its rates at the current level of 2.75 per cent, before the GDP data was released. Trump's repeated threats and flip-flops on tariffs since the beginning of the year led to an increase in exports and imports to and from the U.S. Trump imposed tariffs on Canada in March, first on a slew of products and later specifically on steel and aluminum. The GDP grew by 0.1 per cent in March after a contraction of 0.2 per cent in February. The economy is likely expected to expand by 0.1 per cent in April, the statistics agency said referring to a flash estimate. The March growth was primarily driven by a rebound in the mining, quarrying, and oil and gas extraction and construction sectors. Analysts polled by Reuters had expected the first quarter GDP to expand by 1.7 per cent and by 0.1 per cent in March. The quarterly GDP figure is calculated based on income and expenditure while the monthly GDP is derived from industrial output. The tariffs and the uncertainty around them started showing early signs of impact as the final domestic demand, which represents total final consumption expenditures and investment in fixed capital, did not increase for the first time since the end of 2023, Statscan said. Growth in household spending also slowed to 0.3 per cent in the first quarter, after rising 1.2 per cent in the prior quarter. The first quarter growth was led by a rise in exports, which jumped by 1.6 per cent after increasing by 1.7 per cent in the fourth quarter of 2024. Business investment in machinery and equipments also increased by 5.3 per cent which pushed the quarterly GDP higher. Reporting by Promit Mukherjee; Editing by Dale Smith
Reuters
a day ago
- Business
- Reuters
Canada's first quarter GDP expands by 2.2% annualized rate beating estimates
OTTAWA, May 30 (Reuters) - Canada's economy in the first quarter grew faster than expected, data showed on Friday, primarily driven by exports as companies in the United States rushed to stockpile before tariffs by President Donald Trump. But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicate that the economy was battling on the domestic front. Economists have warned that as tariffs continue on Canada, this trend will persist. The gross domestic product in the first quarter grew by 2.2% on an annualized basis as compared with the downwardly revised 2.1% growth posted in the previous quarter, Statistics Canada said. This is the final economic indicator before the Bank of Canada's rates decision on Wednesday and will help determine whether the central bank will cut or stay pat on rates. Currency swap markets were expecting around 75% chance the bank would hold its rates at the current level of 2.75%, before the GDP data was released. Trump's repeated threats and flip-flops on tariffs since the beginning of the year led to an increase in exports and imports to and from the U.S. Trump imposed tariffs on Canada in March, first on a slew of products and later specifically on steel and aluminum. The GDP grew by 0.1% in March after a contraction of 0.2% in February. The economy is likely expected to expand by 0.1% in April, the statistics agency said referring to a flash estimate. The March growth was primarily driven by a rebound in the mining, quarrying, and oil and gas extraction and construction sectors. Analysts polled by Reuters had expected the first quarter GDP to expand by 1.7% and by 0.1% in March. The quarterly GDP figure is calculated based on income and expenditure while the monthly GDP is derived from industrial output. The tariffs and the uncertainty around them started showing early signs of impact as the final domestic demand, which represents total final consumption expenditures and investment in fixed capital, did not increase for the first time since the end of 2023, Statscan said. Growth in household spending also slowed to 0.3% in the first quarter, after rising 1.2% in the prior quarter. The first quarter growth was led by a rise in exports, which jumped by 1.6% after increasing by 1.7% in the fourth quarter of 2024. Business investment in machinery and equipments also increased by 5.3% which pushed the quarterly GDP higher.
CBC
a day ago
- Business
- CBC
Canada's GDP grew by annualized rate of 2.2% in first quarter
Business · Breaking Canada's economy grew by 2.2 per cent on an annualized basis in the first quarter, Statistics Canada said on Friday. (Mark Blinch/Reuters) Canada's economy grew by 2.2 per cent on an annualized basis in the first quarter, Statistics Canada said on Friday. More to come.
Zawya
a day ago
- Business
- Zawya
Turkey's economy grew 2.0% in first quarter, below forecasts
Turkey's economy expanded 2.0% in the first quarter of the year, below expectations, official data showed on Friday. First-quarter gross domestic product (GDP) grew 1.0% from the previous quarter on a seasonally and calendar-adjusted basis, data from the Turkish Statistical Institute showed. In a Reuters poll, the economy was forecast to have expanded 2.3% in the first quarter. Turkey's economy had grown 3.0% year-on-year in the fourth quarter of 2024, bringing full-year growth to 3.2% and exceeding forecasts despite the weight of high interest rates. Economists forecast an expansion of 3% in 2025 as a whole, slightly lower than last year, the poll showed, reflecting the effects of monetary tightening. In December, the central bank started an easing cycle after having kept the main policy rate steady at 50% for eight months. Inflation has dipped from as high as 75% last May. In April, Turkey's central bank hiked its policy rate by 350 basis points and raised the lending rate to 49% in response to market turmoil that erupted over the arrest of Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan's main political rival. (Reporting by Canan Sevgili in Gdansk; Editing by Tuvan Gumrukcu and Jamie Freed)
