FY22 GDP estimates: Economic growth weighed down by mfg, construction

While an adverse base was expected to flatten growth in the quarter from 8.5% in Q2FY22, NSO's initial estimates are sorely below our expectation of a 6.2% YoY expansion in that quarter

India’s real GDP expanded by 5.4 per cent in year-on-year (YoY) terms in Q3 FY2022, as per the initial data published by the National Statistics Office (NSO). While an adverse base was expected to flatten growth in the quarter from 8.5 per cent in Q2 FY2022, the NSO’s initial estimates are sorely below our expectation of a 6.2 per cent YoY expansion in that quarter, with manufacturing and construction posting the largest disappointment. The absolute level of GDP was, however, a reasonably acceptable 6.2 per cent higher than the pre-Covid level of Q3 FY2022,