India's Q1 GDP grows 7.8%, beating expectations

Macro
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India's statistics ministry released the gross domestic product (GDP) figures for the period from April to June 2026, which is the first quarter of the fiscal year 2026-2027. The Indian economy expanded by 7.8%, higher than the 7.1% forecast by analysts and also above the Reserve Bank of India's projection of 7.0%. This follows a growth rate of 7.8% in the previous quarter. The Indian economy was supported by strong performance in the financial, real estate, information technology, and professional services sectors, while agriculture and related sectors grew relatively sluggishly. However, manufacturing and services sectors adjusted strongly. Aastha Gudwani, chief India economist at Barclays, told CNBC's Inside India program that the Iran war has not impacted India's economy as many had feared. Out of 20 economic indicators, only 7 indicate that the average growth rate during April to June slowed compared to January to March. Consumer demand remains strong, and manufacturing, services, car sales, and credit growth continue to improve.

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