India's GDP likely to grow at 5.8% in Oct-Dec: SBI report

The National Statistical Office will declare the GDP estimates for Q3 FY 2021- 22 on February 28

The country's gross domestic product (GDP) is likely to grow at 5.8% in the third quarter of fiscal 2022, according to an SBI's research report- Ecowrap.

The country's economy expanded by 8.4% in the second quarter of 2021-22, to cross pre-pandemic levels. However, the GDP growth in July-September period was slower than the 20.1% expansion in the previous quarter.

The National Statistical Office (NSO) will declare the GDP estimates for Q3 FY 2021- 22 on February 28.

"As per SBI Nowcasting Model, the forecasted GDP growth for Q3 FY22 would be 5.8%, with a downward bias. The full year (FY22) GDP growth is now revised downwards to 8.8% from our earlier estimate of 9.3%," the report said on Friday.

The Nowcasting Model is based on 41 high frequency indicators associated with industry activity, service activity, and global economy.

The real GDP will be around ₹2.35 lakh crore more / 1.6% higher than the FY20 real GDP of ₹145.69 lakh crore, the report said.