India's GDP soared by 7.1% in the first three quarters, but what about China, the United States, Germany, Japan, the United Kingdom, France and other countries?
After 6.1% in the first quarter and 7.8% in the second quarter, India's economy has soared by 7.6% in the third quarter of 2023, once again leading the world's large economies. Among them, the manufacturing industry rose by 13.9% year-on-year, ranking first among major industries.
Construction rose 13.3 percent year-on-year in the third quarter of this year, electricity, gas, water and other utilities grew 10.1 percent, mining rose 10 percent, public administration, defence and other services increased 7.6 percent, and financial, real estate and professional services grew 6 percent.
Wholesale trade, accommodation and catering, transportation and communications and other related services increased by 4.3 percent, trade, hotels, transportation, communications and related services increased by 4.3 percent, and the lowest growth was still in agriculture, forestry and fishery, which grew by only 1.2 percent in the third quarter of this year.
According to the Indian media, the core of growth is still domestic demand, which provides a buffer against external shocks - that is, exports and imports decline at the same time. The resilience of India's economy has once again been demonstrated, and the Modi government is spending huge sums of money to boost the country's infrastructure.
At the same time, it will continue to strengthen its investment attraction strategy and provide subsidies to global multinationals looking to establish production bases in India. There is no problem with this slogan, it's just that: for large multinational companies, it is easy to enter the Indian market, but it is difficult to get out!
In the first three quarters, India's economy soared by 7.1%
According to preliminary statistics, in the first quarter of 2023, India's nominal GDP was 71,817.38 billion rupees, up 6.1 percent year-on-year, 70,665.34 billion rupees in the second quarter, up 7.8 percent year-on-year, and 7.6 percent in the third quarter, 71,661.57 billion rupees.
In the first three quarters of 2023, the preliminary nominal GDP of India was Rs. 214,144,290 crore, a substantial increase of 7.1 per cent compared to the same period last year, excluding all factors contributing to the increase in prices for goods and services.
At the average exchange rate, India's economy in the first three quarters was US$2,599.5 billion, almost exceeding US$2.6 trillion, continuing to rank fifth in the world after the United States, China, Germany and Japan.
India, the world's fifth-largest economy, is already sitting firm! In the next few years, if India can continue to maintain economic development efforts of about 7 or 6 percent, and its total GDP will once again catch up with and surpass Germany and Japan, it will not surprise the world.
As the Nihon Keizai Shimbun put it, the better-than-expected momentum in the third quarter indicates that India's growth momentum as an economic powerhouse is expected to strengthen. By 2026, India will overtake Japan and Germany to become the world's third-largest economy after the United States and China.
Finally, share the economic report cards of other economic powers
In the first three quarters of 2023, driven by real economic development (up 2.5%) and high prices, the U.S. economy expanded to a high of nearly $20.3 trillion, continuing to lead the world. Total GDP for the full year of 2023 is expected to fall to around $27.4 trillion.
China's economy grew by 5.2% year-on-year in the first three quarters, which is also a good result, but unfortunately, prices tend to deflation, the RMB exchange rate is not performing well, and the size of the economy in US dollar terms has slipped to 130157 billion, and the gap with the United States has widened.
Japan's economy grew 1.7 percent year-on-year in the first three quarters, while Germany's fell 0.4 percent. However, due to inflation and exchange rate drags, Japan's economy has been surpassed by Germany and dropped to the fourth place in the world.
The economy of the United Kingdom grew by 0.5 percent in the first three quarters, with a preliminary GDP of $2,511.2 billion, France's GDP was $2,243.4 billion, up 0.7 percent year-on-year, Mexico's was $1,317.4 billion, up 3.4 percent, and Spain's was $1,165.1 billion, up 2.6 percent. This article is organized and written by Nansheng, please do not reprint or plagiarize without authorization!