ICICI Securities: Q2 GDP Growth Surprises On The Upside
A worker leans against a cart as other workers transport goods at Khari Baoli spice market in New Delhi, India. (Photographer Ruhani Kaur/Bloomberg)

ICICI Securities: Q2 GDP Growth Surprises On The Upside

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

The growth numbers showed that in the second quarter of FY21 the economy contracted at a much slower pace than expected.

Real gross domestic product contracted 7.5% YoY in Q2 FY21, sharply up from the 23.9% contraction recorded in the preceding quarter.

The contraction in Q2 FY21 was much lower than consensus (street estimate down 8.9%, Reserve Bank of India survey of professional forecasters: down 10%, RBI Nowcasting model: down 8.6%).

Despite better-than-expected performance in Q2, India slipped into ‘technical recession’ i.e. contraction in real GDP in two consecutive quarters.

Click on the attachment to read the full report:

ICICI Securities India GDP Q2FY21.pdf

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