India Economy - GDP Grows 1.6% In Q4; Full Year Growth Contracts At 7.3%: ICICI Securities

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ICICI Securities Report

India’s real gross domestic product grew 1.6% YoY in Q4 FY21 (our estimate: 1.2%, consensus: 0.9%), bringing full-year growth in FY21 to down 7.3%.

Nominal GDP in Q4 FY21, on the other hand, grew at 8.7% while nominal GDP growth for full-year FY21 stood at down 3%.

This implies a GDP deflator of 7% for Q4 FY21 and 4.5% for full-year FY21.

With this print, nominal and real GDP for FY21 stands at Rs 197 trillion and Rs 135 trillion respectively.

Real and nominal gross value added grew 3.7% and 8.8% respectively in Q4 FY21.

As expected, Q4 FY21 marks the best quarterly growth in FY21.

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