Economy Q1FY12 GDP growth inline; Falling industry growth a concern::Emkay

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Economy

Q1FY12 GDP growth inline; Falling industry growth a concern

n     India GDP growth for the Q1FY12 came in at 7.7%yoy, inline with market expectations

n     The growth was led by services which grew at 10% driven by 12.8% growth in Trade, hotels, transport and comm. and 9.1% growth in Financing, insurance, real estate

n     The growth in PFCE and GFCE remain healthy at 16.3%yoy and 11.3%yoy. Growth in GFCF also bounced back to 14.2%yoy after falling to single digit in Q4FY11

n     Interestingly valuables contribute 70bps to growth on expenditure basis. These include precious metals and stones. Valuables grow at 39%/96% yoy on constant/current terms