Indian Economy Recovers from Recession in Q4 of 2020

India’s gross domestic product (GDP) expanded by 0.4% on an annual basis during the fourth quarter (Q4) of 2020, data showed on Friday.

Revised readings showed that the Indian economy contracted by 7.3% in Q3 and by 24.4% in Q2 of last year, according to figures by the Indian National Statistics Office.

This means that the Indian economy has returned to growth after entering into a recession due to the Coronavirus pandemic.

However, consumer spending declined by 2.4% in Q4, following an 11.3% drop in Q3.

Meanwhile, investment rose by 2.6% in Q4, after falling by 6.8% in Q3, signaling its first increase in a year.