Experienced 61% growth and 7After 8% growth, the Indian economy achieved another 7.0% in the third quarter of 2023The 6% surge shows a strong momentum of development. The data shows that the manufacturing industry increased by 13 percent year-on-year9%, ranking first among major industries. This growth momentum puts India in a leading position among the world's largest economies.
The strong growth of the manufacturing sector is inseparable from India's strong support for the development of the industry. India** is investing heavily in boosting the country's infrastructure development, while continuing to strengthen its investment attraction strategy and providing subsidies to global multinationals looking to set up production bases in India. These measures have created a good investment environment for the manufacturing industry and promoted the rapid development of the industry.
In addition, the construction industry increased by 13 percent year-on-year3%, electricity, gas, water and other utilities increased by 101 percent, mining by 10 percent, and public administration, defense and other services by 76 per cent, and financial, real estate and professional services grew by 6 per cent. Wholesale zero**, accommodation and catering, transportation and communications and other related services increased by 43%。Although the growth momentum of agriculture, forestry and fishery was the weakest, with an increase of only 12%, but strong performance in other sectors contributed significantly to the overall growth of the Indian economy.
The core driving force of India's sustained economic growth remains domestic demand. This provides a cushion against external shocks and mitigates the impact of the double decline in exports and imports on the Indian economy. The steady growth of domestic demand has provided a solid foundation for the Indian economy to maintain its steady growth against the backdrop of global economic turmoil.
India's investment initiatives and pro-consumption policy measures are important guarantees for domestic demand growth. Modi** continues to invest in infrastructure, providing jobs and improving the quality of life, which in turn stimulates the growth of consumer demand. In addition, a series of policy measures have been launched to increase people's purchasing power and spending power, and further stimulate the growth potential of domestic demand.
According to statistics, in the first three quarters of 2023, India's nominal GDP by market** was 2141442Rs 900 crore, up 7 y-o-y1%。At average exchange rates, India's economy in the first three quarters was $2,599.5 billion, making it the world's fifth-largest economy, behind the United States, China, Germany and Japan.
India's economy continues to grow and is now the world's fifth-largest economy. If India can continue to maintain its economic growth momentum of about %, it is not surprising that its total GDP will surpass that of Germany and Japan again in the next few years. India's growth momentum as an economic powerhouse is expected to further strengthen, surpassing Japan and Germany to become the world's third-largest economy by 2026.
In addition to India, other large economies are also showing growth to varying degrees. The U.S. economy has expanded to nearly 20 percent, driven by real economic growth and high pricesAt a high of $3 trillion, it continues to lead the world. GDP for the full year of 2023 is expected to fall to 27Around $4 trillion.
China's economy grew by 5.5% year-on-year in the first three quarters2%, good performance. However, due to the impact of price deflation and the poor exchange rate of the renminbi, the size of the economy in US dollar terms fell to 130157 billion, and the gap between the economy and the United States widened.
Japan's economy in the first three quarters was **1 year-on-year7%, but due to inflation and exchange rate pressures, the economy has been overtaken by Germany in size and ranks fourth in the world.
The UK economy grew by 05%, and the preliminary GDP is 2,511.2 billion US dollars;The French economy is **07%, with a GDP of $2,243.4 billion;Mexico's economy grew by 34%, with a GDP of $1,317.4 billion;Spain's economy grew by 26%, with a GDP of $1,165.1 billion. The economic performance of these countries varies, but all contribute to the growth of the global economy to some extent.
India's economy showed strong growth in the first three quarters of 2023, maintaining its position as the world's fifth-largest economy. The growth of manufacturing, construction, electricity, natural gas and other industries has injected strong impetus into the overall development of the Indian economy. At the same time, the steady growth of domestic demand has become the core driving force of India's economy, providing a guarantee for it to withstand external shocks. At the same time, other large economies have also shown growth trends to varying degrees, contributing to the development of the global economy.
In the next few years, India's economy is expected to continue to maintain a high growth rate, and if it can continue to maintain economic development strength of about %, it is expected to surpass Japan and Germany to become the world's third largest economy. However, India also faces many challenges, such as poverty alleviation, improving the quality of education, and improving infrastructure. Only by overcoming these challenges and strengthening reform and opening up can we achieve more sustainable development.
India, as a dynamic and potential economy, has brought great opportunities and challenges to the world. We should pay close attention to the development of India's economy and maintain close cooperation with it to jointly promote the prosperity and stability of the global economy.