India’s Real GDP Grows Inline With Market Expectations In Q2 FY23: Motilal Oswal


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Real gross domestic product/gross value added grew 6.3%/5.6% YoY in Q2 FY23 (versus our forecast of 6.5%/6.4% and broadly in line with Bloomberg consensus), slower than the 13.5%/12.7% YoY growth in Q1 FY23 and 8.4%/8.3% YoY growth in Q2 FY22.

Nominal GDP/GVA growth stood at 16.2% YoY each in Q2 FY23 as against 26.7%/28.6% YoY in Q1 FY23.

The details of real GDP suggest that private consumption grew 9.7% YoY in Q2 FY23, contributing 5.5% to overall GDP growth.

On the contrary, government consumption contracted by 4.4% YoY in Q2 FY23, contributing negatively (down 0.4%) to GDP growth.

Additionally, real investments grew 9.2% YoY in Q2 FY23, leading to a 3.2% contribution to real GDP growth. While exports grew 11.5% YoY in Q2 FY23, imports grew 25.4% YoY. This led to the external sector contributing – 4.3%.

Discrepancies too contributed 3.3% to overall real GDP growth in Q2 FY23.

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