HSBC pegs Q1 GDP growth at 6%

The Hindu Business Line - - FRONT PAGE - PTI

For­eign bro­ker­age HSBC to­day es­ti­mated GDP growth slow­ing down to 6 per cent for AprilJune pe­riod, as against the 6.1 per cent in the pre­ced­ing quar­ter, but said GVA growth should be the num­ber to watch from here. “Reper­cus­sions of an early Bud­get and the newly im­ple­mented Goods and Ser­vices Tax (GST) rates, re­ceipts and re­bates are likely to dis­tort up­com­ing GDP read­ings...It’s a good idea to fo­cus on GVA (gross value added) growth over GDP growth,” it said in a note. The GVA growth will ac­cel­er­ate to 6.2 per cent for the April-June pe­riod year-on-year, up from the 5.6 per cent in the pre­ced­ing March quar­ter, which saw neg­a­tive im­pact of de­mon­eti­sa­tion. It was, how­ever, quick to add that de­spite the higher num­ber, the 6.2 per cent GVA growth is “soft”.

Res­cue per­son­nel drive past a pickup truck aban­doned in flood­wa­ters in Dick­in­son, Texas. Es­ti­mates of the dam­age caused by Hur­ri­cane Har­vey are climb­ing with the storm re­gain­ing strength in the Gulf of Mex­ico and mak­ing land­fall again BLOOMBERG

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