Weekly Economic Update

Srinivasa Sharan
/ Categories: Trending, Mindshare
Weekly Economic Update

In the local economic news, the economy was on the mend during the quarter ending December 2020, with GDP growth increasing 0.4 per cent as compared to a contraction of 7.5 per cent during Q2FY21 (September-ending quarter).  

In other news recaps for January, the services sector indicator from Markit Purchasing Managers' Index came in with a reading of 52.8 in January, compared to 52.3 in December. The exports for the month expanded by 6.16 per cent from a year ago to US$ 27.45 billion with the country posting a trade deficit of US$ 14.54 billion compared to US$ 15.3 billion, a year ago. Passenger vehicle sales increased 11.4 per cent in the month, driven by two-wheeler and utility vehicle sales. Bank credit also continued the turnaround by growing 6.5 per cent during the month compared to a year ago.  

On the global front, while initial US jobless claims eased to 7.30 lakh for the week-ended February 22, bond yields continued their march higher. The benchmark 10-year bond yields are now around 1.50 per cent up from the 1.28 per cent level at the end of last week. This led to a decline in the global equity markets for the week.  

Another signal of economic strength was the US Durable Goods orders, which increased and gave a better-than-expected 3.4 per cent (expected was 1 per cent growth) during January, with core capital goods orders expanding to 0.5 per cent.  

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