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ICICI Securities Report
India's real gross domestic product grew 13.5% YoY in Q1 FY23, led by surging growth in fixed investment spending (up 20.1% YoY) and private consumption (up 25.9% YoY).
While the growth of both was flattered by the relatively low base from a year ago (as India had been hit by the second wave of Covid during that quarter), real private consumption expenditure in Q1 FY23 was 9.9% higher than the pre-Covid quarter (Q1 FY20), and real fixed investment spending in Q1 FY23 was 6.7% higher than in Q1 FY20.
Inventories were drawn down rapidly, but only subtracted 0.2% from real GDP. The major error in measurement came from real net exports of goods and services, which were reported to be down 8.1% of GDP (an improbable, hence likely incorrect, figure).
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