Economy

Indian economy projected to contract 11.8% year-on-year, Fitch domestic arm says – TheChronicleHerald.ca

Published

4 years ago

September 8, 2020

NEW DELHI (Reuters) – India’s economy is projected to contract 11.8% on the year in the current fiscal year beginning from April, before bouncing back in the next fiscal year, India Ratings and Research, a domestic arm of ratings agency Fitch, said on Tuesday.

“All indicators, be it mobility or consumption, are pointing towards a much weaker economic recovery,” Sunil Kumar Sinha, its principal economist told an online conference.

The economy is projected to contract 11.9% in the current quarter, followed by a contraction of 6.7% in the December quarter and 5.4% in the subsequent quarter, Sinha said, citing the adverse impact of coronavirus pandemic.

Earlier, India Ratings had projected the economy would contract 5.3% in the current fiscal year, versus growth of 4.2% in the previous year.

While a second wave of infections sweeps the globe, India has not yet managed to flatten the first wave, he said.

Its economy shrank 23.9% in the quarter from April to June, much more than forecast, in a sign that recovery could be longer than expected, with analysts urging further stimulus.

On Monday, India surpassed Brazil as the nation with the largest number of infections outside the United States, with a tally of 4.28 million.

India Ratings projected the federal fiscal deficit to rise to 8.2% of GDP, propelled by an economic contraction and greater government spending to mitigate the pandemic effects, versus 4.6% in the previous fiscal year.

(Reporting by Manoj Kumar; Editing by Clarence Fernandez)

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Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

8 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

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