India showed strong growth amid global slowdown: IMF

Mar 15, 2012 |

IANS

Washington

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Even as overall growth in the G20 slowed in the fourth quarter of 2011, growth increased strongly in India and Indonesia, modestly in the United States, but slowed somewhat in China, according to the International Monetary Fund (IMF).

The G20 Quarterly Gross Domestic Product (GDP) growth of +0.7 per cent in the last three months of 2011 compared with +0.9 per cent in the third quarter, according to provisional results from this first time release of the G20 GDP aggregate.

In 2011 as a whole, G20 GDP rose by +2.8 per cent, a marked deceleration compared with the +5.0 per cent growth recorded in 2010.

The G20 GDP aggregate masks diverging patterns among the world's largest economies, IMF said noting in India and Indonesia growth increased strongly from + 0.9 per cent to + 1.8 per cent and from + 1.4 per cent to + 2.1 per cent respectively.

However in terms of annual percentage change and percentage change on the same quarter of the previous year India's growth rate fell from 7 per cent in the third quarter to 6.5 per cent in the fourth quarter.

In the United States, GDP growth increased to +0.7 per cent in the fourth quarter of 2011, compared with +0.5 per cent in the third quarter, but slowed in China to +2.0 per cent, compared with +2.3 per cent in the third quarter.

In Japan, economic growth decreased to -0.2 per cent, following the strong rebound (+1.7 per cent) in the third quarter. GDP fell by -0.3 per cent in both the European Union and the euro area in the fourth quarter of 2011, the first fall since the second quarter of 2009.

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