India's GDP Growth Exceeds Expectations

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India’s economy grew more than expected in the June quarter, data from the Central Statistics Office showed Friday.

Gross domestic product grew 8.2 percent year-on-year in the June quarter compared to 5.6 percent expansion in the same period of last year. Economists had forecast an expansion of 7.6 percent.

Gross value added during April to June period climbed 8 percent versus 5.6 percent in the previous year.

The annual 8 percent increase in GVA was largely driven by a 13.5 percent rise in manufacturing. Construction advanced 8.7 percent and and farm output grew 5.3 percent.

Meanwhile, mining and quarrying rose only 0.1 percent.

The Ministry of Commerce and Industry reported that combined output of eight core industries grew 6.6 percent in July from last year, following June’s 7.6 percent expansion. Cumulative growth for April to July came in at 5.8 percent.

The material has been provided by InstaForex Company – www.instaforex.com