India posted annual economic growth of 6.3% in its July-September quarter, far slower than the 13.5% growth reported in the previous three months as distortions caused by COVID-19 lockdowns faded in Asia's third-largest economy.
That was just above the 6.2% forecast by economists in a Reuters poll for the quarter, the second of India's 2022/23 financial year.Economists see growth momentum easing in the December quarter due to higher interest rates and slowing exports.
The Reserve Bank of India has raised rates by 190 basis points since May this year and is seen hiking again when its monetary policy committee meets in early December.The Indian central bank sees GDP growth for the 12 months to March 31, 2023, at 7.2% but economists see risk of a downside to these forecasts.
Aided by pent-up demand, particularly for services, private consumption grew 9.7% compared to a year ago, while capital formation, an indictor of investment, increased 10% annually.
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