Organization of Petroleum Exporting Countries or OPEC stated in a latest monthly update that the latest data reveals that the Indian economy grew by 6.7%, y-o-y, in 2Q24, a deceleration from the 7.8%, y-o-y, growth recorded in 1Q24. This slowdown is partly attributed to a contraction in final government consumption expenditure, which decreased by 0.2% in 2Q24 compared to growth of 0.9% in 1Q24. Conversely, final private consumption expenditure saw an increase, rising to 7.5%, y-o-y, growth in 2Q24 from 4.0%, y-o-y, in 1Q24. Gross fixed capital formation also improved, growing by 7.5%, y-o-y, in 2Q24, up from 6.5%, y-o-y, in 1Q24. Recent heatwaves appear to have adversely affected consumer spending, contributing to a decline in consumer confidence, which fell to 93.9 in July from 97.1 in May.
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