Stat of the day: 8.9%

The growth of the Indian economy last quarter. Rather puts the UK's progress into perspective...

by James Taylor
Last Updated: 19 Aug 2013
Yesterday, Chancellor George Osborne was cock-a-hoop about the fact that the OBR have upgraded their UK growth forecast for this year to 1.8%. OK, so that's a big jump from their previous estimate - but it still means Britain is quite the laggard compared to those in the fast lane of the global economy.

Today, India said its economy grew a whopping 8.9% in the second quarter of its financial year; apparently manufacturing was up 9.8%, boosted by new car sales, construction was up 8.8%, and farm production up 4.4%. It's the second quarter in a row that the country's GDP has grown at this rate; in fact, across the globe, only China is growing faster.

It's not all good news though; inflation is now running at a hair-raising 8.58%. India's central bank has already raised interest rates six times this year, and another hike is likely to follow in light of today's figure. So for many Indians, it may not feel as though they've never had it so good...

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