Markets

GDP recovers, grows at 6.3% in July-September quarter

GDP recovers, grows at 6.3% in July-September quarter”

After sliding for nearly five quarters, country's economy has rebounded from a three-year low to swell by 6.3 per cent in July-September quarter. The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data. "Demonetisation and GST's impact is behind us and hopefully, in coming quarters, we can look for an upwards trajectory".

To scale to 10 per cent rate is "very challenging" and it will not depend on domestic factors only but on how the world is moving, he said. "We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion", Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).

The economic growth rate had slipped to three-year low of 5.7% in the first quarter of 2017-18 financial year.

United States calls for arrest of released LeT leader Hafiz Saeed
The Spokesperson said that the Pakistani government should make sure that he is arrested and charged for his crimes. Instead, Mr Saeed has spent much of the last decade being placed under house arrest and then released.

While investment grew by 4.6 per cent in Q2 compared to 1.6 per cent in the first quarter on a year-on-year basis, its share in GDP fell to 27.5 per cent from 29.9 per cent in Q1, indicating that GST-related stress in the economy had not dissipated. Mr Anant said, the manufacturing sector in the second quarter of 2017-18 grew by 7 per cent.

Commenting on the Q2 GDP data CII's Director General Chandrajit Banerjee said: "The revival of the GDP growth print reinforces the perception that the economy is on a robust recovery phase and the short-term disruptions caused by demonetisation and GST are behind us".

"The September quarter GDP growth, he added, is quite a significant trend reversal and has been driven by pick-up in manufacturing".

Aid agencies say Yemen blockade remains, Egeland calls it 'collective punishment'
But it added that desperately needed shipments of food and medicines to the rebel-held Red Sea port of Hodeida remained blocked. The three-year civil war continues to rage in Yemen, where 10,000 have died and around 3 million people have been displaced.

Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one can not say whether this will mark an upward trend in the growth rate. "It's possible that anticipating the need for the festive season, most of the production went into the sale and inventory restocking may happen later...inventory accumulation effect may persist in the third quarter as well", he explained.

The expansion in GVA in the first half of the current fiscal has been estimated at 5.8 per cent, down from 7.2 per cent in the year-earlier period.

"Manufacturing has emerged as bright spot at seven per cent but agriculture remains an area of concern with mere 1.7 per cent in the second quarter against 2.3 per cent in the previous quarter". The growth in public administration, defence and other services also stood at 6 per cent.

Lebanon's Hariri leaves Cairo for Lebanon - Egypt airport sources
Iran responded by accusing France of taking sides and Macron on Friday said Iran should clarify its ballistic missile program. Aoun has called Hariri a Saudi hostage and refused to accept his resignation unless he returns to Lebanon.



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