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    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Billionaire businessman Aminu Alhassan Dantata dies at 94

    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

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    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    • Economic Data
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    • Companies
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    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    AGM suspension: Oando’s shareholder wins court case against SEC

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

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    How Donald Trump won the 2024 U.S Presidential Election

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    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

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India GDP Contracts a record 23.9% in April-June Quarter, worst slump in decades

Monday, 31 August 2020, 2:57 pm
in News, World
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India GDP Contracts a record 23.9% in April-June Quarter, worst slump in decades
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According to the data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) contracted sharply by 23.9% in the first quarter (April-June) of the financial year 2020-21.

This is the worst GDP slump since the country started releasing quarterly data in 1996.

In the preceding quarter (January to March) India’s economy had grown at 3.1%, its slowest pace in over six years.

India’s economy is expected to contract according to experts, mainly due to the quarter in review had seen more of the 68-day nationwide lockdown restrictions, which were enforced by the government from March 25 to contain the spread of the coronavirus disease (Covid-19) outbreak.

India has the third largest number of confirmed Covid-19 cases and deaths in the world. The country has reported 3.261 million cases with 64,469 deaths and 2.775 million recoveries. On Sunday it reported 78,761 new cases in 24 hours, the world’s highest single-day increase.

A Bloomberg poll of 31 economists had forecast that India GDP would contract by 18% in the April-June quarter.

Read also; UBA announces date for the release of H1 2020 report, discloses reason for delay

Sectoral Break down

A deeper dive into the GDP data shows that construction took the steepest hit along with manufacturing and the trade, hotels and transport segment.

  • Agriculture sector grew at 3.4%.
  • Mining sector contracted 23.8%.
  • Manufacturing contracted 39.3%.
  • Construction contracted 50.3%.
  • Trade, hotel, transport, communication contracted 47%.
  • Financial services sector contracted by 5.3%.

Market performance

The benchmark equity indices on the BSE and National Stock Exchange (NSE) erased all of their morning gains and crashed into a sea of red on Monday after reports of fresh tensions in the India-China border in eastern Ladakh.

After climbing 542.86 points (1.38 per cent) and briefly reclaiming the 40,000-mark (touching an intraday high of 40,010.17), the S&P BSE Sensex crashed 839.02 points (2.13 per cent) to end at 38,628.29. During the late afternoon trade, the 30-share BSE benchmark had fallen as much as 1,071.42 points (2.72 per cent) to a hit a low of 38,395.89 according to The Indian Express.

Likewise, the Nifty 50 too ended 305.15 points (2.62 per cent) lower at 11,342.45. In the early morning trade it had reached an intraday high of 11,794.25, which it soon erased and had slipped to 11,325.85.

Written by;

Ifunanya Ikueze

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