December quarter GDP growth surprising, says Fitch

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The US-based Fitch Ratings today appeared to pick holes in the governments 7 % growth estimate for the December quarter despite the cash crackdown, saying official data suggesting strong private consumption are at odds with real services activity. The rating agency, however, projected a robust 7.1 per cent growth for 2016-17 and 7.7 % in the following two financial years (2017-18 and 2018-19). 

 

Fitch said estimates released by the Central Statistics Office (CSO) last week showed GDP was "hardly hit" in October-December by the cash crunch after the governments sudden move to pull out 86 per cent of currency in circulation overnight. The 7 per cent GDP growth in the third quarter is marginally lower than 7.4 per cent expansion in the previous quarter.