Economics
India Enters Recession as Virus Pummels No. 3 Asian Economy
- GDP falls a less-than-expected 7.5% in September quarter
- Financial services output shrank, while manufacturing expanded
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India entered an unprecedented recession with the economy contracting in the three months through September due to the lingering effects of lockdowns to contain the Covid-19 outbreak.
Gross domestic product declined 7.5% last quarter from a year ago, the Statistics Ministry said Friday. That was milder than an 8.2% drop forecast by economists in a Bloomberg survey, and and a marked improvement from a record 24% contraction the previous quarter.