Q2 GDP data to be released today. SBI estimates 10.7% contraction

SBI report projects Novembers GST collections at 10-month high of 1.08 lakh crore as compared to 1.05 lakh crore in October.

Ravi Prakash Kumar
Updated27 Nov 2020, 10:59 AM IST
The excellent improvement in GDP is mainly due to traction in economic activities
The excellent improvement in GDP is mainly due to traction in economic activities

The National Statistical Office (NSO) will release GDP statistics for the quarter ending September today. While RBI's 'nowcasting' model expects GDP to contract by 8.6%, SBI has revised its second-quarter (Q2) GDP to -10.7% from -12.5% with a positive bias citing continuous improvement in business activity index. SBI report released on Friday further adds that owing to better business activity numbers 'Q3 numbers could be even better'.

The report titled, "Sbi Composite Index recovers, GST collections expected at 1.08 Lakh crore in Nov’20 & Gdp in Q2 estimated to be -10.7% with a +ve bias," was authored by Dr Soumya Kanti Ghosh, SBI's Chief Economic Adviser.

"After witnessing decline of 23.9% in real GDP in Q1 FY21, we expect Q2 GDP growth at -10.7% (earlier: -12.5%) with positive bias, based on our ‘Nowcasting’ model with 41 high frequency indicators, associated with industry activity, service activity, and global economy.," stated the report.

"The yearly SBI Composite Index has now reached 19-month high of 53.9 (Moderate Growth) in Nov’20, compared to 53.0 (Moderate Growth) in Oct’20, and 50.8 (Low Growth) in Nov’19. The monthly index touched the all time high of 62.1 (High Growth) in Nov’20, compared to 59.3 (High Growth) in Oct’20 and 49.96 (Low Growth) in Nov’19," said the report.

SBI report projects Novembers GST collections at 10-month high of 1.08 lakh crore as compared to 1.05 lakh crore in October. "The Nov’20 collections will be very close to Jan’20 collections ( 1.10 lakh crore). The excellent improvement in GST is mainly due to traction in economic activities and services in festive month of November," it said.


Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:27 Nov 2020, 10:59 AM IST
HomeNewsIndiaQ2 GDP data to be released today. SBI estimates 10.7% contraction

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Bharat Electronics

    312.60
    03:59 PM | 22 JUL 2024
    6.3 (2.06%)

    Zee Entertainment Enterprises

    134.60
    03:59 PM | 22 JUL 2024
    -2.95 (-2.14%)

    Tata Steel

    160.35
    03:57 PM | 22 JUL 2024
    2.6 (1.65%)

    Wipro

    505.75
    03:59 PM | 22 JUL 2024
    -51.5 (-9.24%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Rashtriya Chemicals & Fertil

    235.05
    03:53 PM | 22 JUL 2024
    21.1 (9.86%)

    NBCC India

    184.85
    03:52 PM | 22 JUL 2024
    13.05 (7.6%)

    Indian Hotels Company

    620.20
    03:54 PM | 22 JUL 2024
    42.95 (7.44%)

    Chalet Hotels

    820.00
    03:29 PM | 22 JUL 2024
    55.9 (7.32%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      75,510.00293.00
      Chennai
      75,657.000.00
      Delhi
      75,217.00732.00
      Kolkata
      75,144.00659.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.98/L0.23
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00
      OPEN IN APP
      HomeMarketsPremiumInstant LoanBudget