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ICICI Securities Report
India's nominal gross domestic product grew 19.5% in FY22, but real GDP was reported to have grown a modest (albeit world-beating) 8.7%.
In Q4 FY22, nominal GDP grew 14.9% YoY, but real GDP reportedly grew just 4.1% YoY, with real private consumption expenditure decelerating to only 1.8% YoY growth.
The PCE deflator for Q4 FY22 rose 10.5% YoY, although consumer price index inflation (which should be closely linked to PCE inflation) was at a more modest 6.3% YoY during the quarter.
Real PCE was probably underestimated because the PCE deflator was incorrectly measured.
Fixed investment spending (up 5.1% YoY) and government consumption (up 4.8% YoY) were more robust in Q4 FY22.
Nominal exports of goods and services remained the key source of dynamism, growing 30.7% YoY, while inflation-adjusted exports grew 16.9% YoY and inflation-adjusted imports were up 18% YoY.
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