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Motilal Oswal Report
Real gross domestic product/gross value added grew 8.4%/8.5% YoY in Q2 FY22 (versus our forecast of 8.2%/7.8% and Bloomberg consensus of 8.3%/7.6%).
While fiscal consumption grew 8.7% YoY in Q2 as against a decline of 4.8% YoY in Q1, private consumption spending grew 8.6% YoY in Q2 (lower-than-expected) versus 19.3% YoY in Q1 FY22.
Consequently, total consumption expenditure contributed 5.6% to real GDP growth. On the other hand, Gross Capital Formation grew 17.2% YoY in Q2 FY22 (higher-than-expected), contributing 5.8% to real GDP growth.
As for external trade, while exports grew only 19.6% YoY in Q2 FY22, imports grew faster by 40.6% YoY. Therefore, net exports contributed down 4.4% to overall GDP.
Discrepancies contributed another 1.4% to overall real GDP growth in Q2 FY22. Nominal GDP grew 17.5% YoY in Q2 FY22 as against a contraction of 4.4% YoY in Q2 FY21.
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