1 Jun 2012

Indian GDP slowing

6:01 am on 1 June 2012

The Indian economy grew at its slowest rate since 2003 in the first three months of 2012, due to a widening trade gap and poor investment.

Gross Domestic Product grew by 5.3%, down from 6.1% in the previous quarter. Analysts were expecting the same figure for January to March.

India is the third-largest economy in Asia. Prime Minister Manmohan Singh admitted recently that the government must do more to get the economy moving again.

Since July last year, the rupee has seen one of the biggest declines among Asian currencies, dropping more than 27% against the US dollar.