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Nirmal Bang Report
Q2 FY21 gross domestic product contracted by 7.5% YoY while gross value added contracted by 7% YoY.
This was slightly better than Bloomberg consensus expectation and our expectation of 8.2% GDP contraction but does not really call for a revision of our FY21 GDP forecast, which stands at -8.5%.
Nominal GDP growth contracted by 4% YoY, improving from a contraction of 22.6% in the previous quarter.
The upside surprise came from industry, which grew by 0.1% YoY, supported by manufacturing growing by 0.6% YoY and electricity, gas and water supply growing by4.4% YoY.
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