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India's economy expands by 7.4pc in the third quarter, putting it on course to overtake China as the fastest growing large nation in the world. India grew at a quicker-than-expected pace in the third quarter, keeping the country on course to overtake China as the world's fastest growing large economy in 2015.
The Indian economy expanded by 7.4pc in the three months to September compared with a year ago, following growth of 7pc in the second quarter, according to the country's statistics office.
Economists had expected growth of 7.3pc in the third quarter, and Monday's data keep India's growth rate on course to overtake China this year, which grew at an annual pace of 6.9pc in the third quarter, representing the slowest expansion since 2009. India's growth rate has now been equal to or faster than China's for three consecutive quarters.
Concerns about the health of China, the world's second largest economy, triggered a stock market sell-off this summer, and economists expect the country's growth rate to slow further in the coming years. The International Monetary Fund (IMF) believes China will grow by 6.8pc this year, and 6.3pc in 2016. By contrast, India is expected to grow by 7.3pc this fiscal year and 7.5pc in 2016-17.
Kenya new economic power house of Africa
Kenya's GDP accounts for 40 percent of the region's GDP, followed by Tanzania at 28 percent, Uganda at 21 percent, Rwanda at 8 percent, and lastly Burundi at 3 percent. As previously observed, Kenya has the largest economy amongst the members of EAC in terms of GDP. Kenya's GDP accounts for 40 percent of the region's GDP, followed by Tanzania at 28 percent, Uganda at 21 percent, Rwanda at 8 percent, and lastly Burundi at 3 percent. In terms of GDP at current market prices, Kenya's 2011 GDP stood at $34 billion, well ahead of the closest rival economy, Tanzania, with a GDP of $24 billion.
The Indian economy expanded by 7.4pc in the three months to September compared with a year ago, following growth of 7pc in the second quarter, according to the country's statistics office.
Economists had expected growth of 7.3pc in the third quarter, and Monday's data keep India's growth rate on course to overtake China this year, which grew at an annual pace of 6.9pc in the third quarter, representing the slowest expansion since 2009. India's growth rate has now been equal to or faster than China's for three consecutive quarters.
Concerns about the health of China, the world's second largest economy, triggered a stock market sell-off this summer, and economists expect the country's growth rate to slow further in the coming years. The International Monetary Fund (IMF) believes China will grow by 6.8pc this year, and 6.3pc in 2016. By contrast, India is expected to grow by 7.3pc this fiscal year and 7.5pc in 2016-17.
Kenya new economic power house of Africa
Kenya's GDP accounts for 40 percent of the region's GDP, followed by Tanzania at 28 percent, Uganda at 21 percent, Rwanda at 8 percent, and lastly Burundi at 3 percent. As previously observed, Kenya has the largest economy amongst the members of EAC in terms of GDP. Kenya's GDP accounts for 40 percent of the region's GDP, followed by Tanzania at 28 percent, Uganda at 21 percent, Rwanda at 8 percent, and lastly Burundi at 3 percent. In terms of GDP at current market prices, Kenya's 2011 GDP stood at $34 billion, well ahead of the closest rival economy, Tanzania, with a GDP of $24 billion.
